U.S. Rep. Dan Kildee Calls for Congress to Freeze Interest Rates on Student Loans

Michigan Congressman Dan Kildee has renewed his call for Congress to take action on his legislation to freeze student loan interest rates at 3.4 percent until 2015.

On July 1st, interest rates on new federally subsidized Stafford loans doubled to 6.8 percent, affecting more than seven million students who rely on the loans to help finance their higher education. That number includes almost 336,000 in Michigan.

In a statement, Congressman Kildee said " student loan rates have now doubled for thousands of students and families in Michigan, equating to a massive tax hike that is unacceptable. Congress must now act on my bill, without further delay, to reverse harmful interest rate increases and ensure that Michigan college students are not saddled with thousands of dollars more in college debt."

Congressman Kildee's bill, the Student Loan Relief Act of 2013, would provide immediate relief to students and families by restoring the 3.4 percent interest rate for two years and also give Congress time to find a long term solution to keep rates affordable. Kildee says the bill has a 170 co-sponsors, but unfortunately was not allowed to come to the floor for a vote by House Republican leaders before the July 1st deadline.