Murkowski Votes for Permanent Fix on Student Loan Rates
Senator Votes for Bill to Tie Loan Rates to Economy, Benefit All Future College Students
WASHINGTON, DC — Senator Lisa Murkowski today voted for a bipartisan bill, The Smarter Solutions for Students Act, to provide a permanent fix for all federal student loan rates by tying the rates to the U.S. Treasury’s 10-year borrowing rate. The bill passed the U.S. Senate on a vote of 81-18.
The bill also grants retroactive relief to new loans received in the brief July period after rates had doubled, and caps rates at certain limits for the duration of the loan. This is the second time in a month that Senator Murkowski has supported the Treasury rate approach for Americans pursuing post-secondary education, having co-sponsored a measure that also tied the rates to the economy. She shared the following statement with Alaskans:
“This bill is a big deal not only for young Alaskans and their families, but also for working Alaskans seeking to invest in their future by pursuing additional training or advanced degrees. All of our college students deserve the lowest loan rates possible and a permanent solution. For too long, we have kicked the can from year to year by providing a temporary patch for some student loans that left us back at square one all too often. I am pleased my Senate colleagues appreciate the merits of a permanent fix that ties student loan interest rates to the economics of the nation. It already had the support of the President and the House of Representatives, and now it will benefit those willing to invest in themselves and our nation’s future.”