July 24, 2013

Manchin, Bipartisan Group of Senators Permanently Lower Interest Rates for All Students

Senator Manchin facilitated passing of long-term fix to student loan interest rates

Washington, D.C. – U.S. Senator Joe Manchin (D-W.Va.) today announced the passage of the “Bipartisan Student Loan Certainty Act” by a vote of 81-18, which is legislation that he sponsored along with a group of Democrat, Republican and Independent Senators. The bill provides a long-term fix that lowers student interest rates for all students.

“In just a few short weeks, students will be returning to school knowing with certainty what their interest rates will be on their loans for the upcoming school year,” Senator Manchin said. “I thank my colleagues on both sides of the aisle for coming together to pass this commonsense, long-term fix that lowers rates for all of our students.

“There simply is no better investment we can make than the education of our children and grandchildren. We count on today’s students to be the driving force of creativity and innovation that will help us compete in the global marketplace. With the passage of this vital, bipartisan compromise, we not only lowering the interest rates on all student loans, but we are providing our students the opportunity to help lead America to a better future for generations to come.”

The “Bipartisan Student Loan Certainty Act” was also originally sponsored by Richard Burr (R-NC), Angus King (I-ME), Tom Coburn (R-OK), Tom Carper (D-DE), Tom Harkin (D-IA), Lamar Alexander (R-TN) and Dick Durbin (D-IL).

To view a one-page fact sheet on details of the “Bipartisan Student Loan Certainty Act,” please click here.

To view a chart comparing today’s student loan laws with the “Bipartisan Student Loan Certainty Act,” please click here.

To view several graphs on student loan interests rates, please see the attached documents.