Rep. Peters Promotes Effort to Reduce Student Loan Burden
WASHINGTON, D.C. – Congressman Scott Peters (CA-52) released the following statement today after President Obama announced executive actions to make student loans more affordable by capping payments at 10 percent of monthly incomes for standard borrowers and 6 percent for eligible servicemembers:
“In order for the United States to be competitive in the coming decades, we have to ensure that high-quality higher education is an attainable and affordable option for every student in America. We must make this investment in our economic future and our communities. Affordable higher education for lower and middle class families has been central to the American story, including my own.
“I understand why the President has taken action today and am hopeful that Congress will act soon on legislative proposals like mine to help reduce the burden of student loans on San Diego’s middle class families.”
Last month, Rep. Peters introduced H.R. 4622, the ‘Federal Student Loan Refinancing Act’ with Congressman Mark Pocan (WI-02). Accompanied by S. 1066, introduced by Senator Kirsten Gillibrand (D-NY), the bill would automatically lower all federal student loan interest rates to 4 percent. It is estimated that would save the average California student loan borrower $9,668.15 over the 20-year life of the loan.