Press Releases

College students in Northwest Washington will not pay higher rates on their student loans next year thanks to a bill that Rep. Rick Larsen, WA-02, voted for today. The Surface Transportation Extension Act of 2012 includes a provision to stop a scheduled interest rate hike on subsidized Stafford loans for undergraduate students. Without the bill passed today, interest rates on new loans would have doubled from 3.4 percent to 6.8 percent effective next week.

Larsen spoke on the House floor about the bill this morning. The text and video of that speech is available here.

“This bill sends a clear message to college students everywhere: America will invest in you,” Larsen said. “I have been fighting to stop this rate hike because I know the devastating effects that increased college costs are having on students.

“Access to higher education is a public good that provides significant benefits to all of us. College students need the best training to get the best jobs. Whether at a two-year technical school or community college, or at a four-year university, higher education is the path to better jobs and a stronger economy.

“This is personal to me. My parents did not have the opportunity to go to college. But they worked hard to make sure that I and my seven sisters and brothers had the opportunity to go to college. I want to make sure that every student has that same opportunity to get a high-quality college education without breaking the bank.

“America’s success does not happen by accident. Our success happens because we invest in our people, their skills, and their future. This bill does that, and I am proud to have supported it.