New York Sen. Kirsten Gillibrand says she voted against a recent compromise on student loans because the interest rates shouldn’t be tied to market rates.
Congress let interest rates on government subsidized student loans double on July first to nearly seven percent. Last week lawmakers worked out a deal to allow rates to be tied to 10 year Treasury notes. That temporarily lowered the rates again.
New York's senior U.S. senator says the compromise on student loans Congress is scheduled to take up on Tuesday is a good one, even if it's not exactly what he wanted.
Interest rates on government issued subsidized student loans doubled on July 1, after Congress failed to renew the program. But late last week, several lawmakers announced a compromise that will bring rates back down, at least for now.
As the rising debt of recent college graduates becomes a focus of families across the country, Sen. Kirsten Gillibrand (D-N.Y.) is trying to clarify the cost of higher education.
Gillibrand announced today that she is supporting new uniformed financial aid forms released by the Department of Education. She says a greater understanding of costs will help families plan better for college.