Reed Hopeful Senate Moves This Week on Student Loan Deal
Rep. Tom Reed said a deal announced last week in the Senate might finally give students the relief they’ve been looking for, so long as the Senate votes on – and passes – legislation soon.
“College students have a shrinking window before they start returning to campus and moving back into their dorm rooms,” Reed said. “They can’t wait on the Senate much longer and I am cautiously optimistic we will see the Senate join the House in standing with – and caring for – students and pass legislation. To me, this is a timely issue that comes down to a matter of caring for students.”
Senators left Washington for the July 4th holiday without passing legislation to prevent the student loan interest rate spike. Now three weeks later, the Senate is coming up on its August recess and Rep. Tom Reed says the House continues its work to stress to the Senate the importance of taking up and passing legislation.
“The Senate still has some time to revert the increase in borrowing costs for students that occurred on July 1st. It is incumbent upon the Senate to act and it cannot leave town without doing its job.”
The reported deal in the Senate would retroactively fix the July 1st student loan interest rate increase. The House passed bipartisan legislation May 23rd to prevent the interest rate spike ahead of the July 1st deadline.