Fri June 29, 2012
Congress Reaches Agreement on Transportation Bill, Student Loans
The House of Representatives overwhelmingly passed legislation Friday that funds transportation programs and averts an increase in interest rates on loans for college students.
The packaged measure passed by a 373-to-52 vote and avoids a looming deadline that would have doubled Stafford loan rates to 6.8 percent on July 1. The bill also pays for construction of highways, bridges and other projects over the next two years.
Despite the bipartisan agreement, Democratic Congressman John Yarmuth blamed GOP leaders for letting these issues linger until days before the deadline.
From Yarmuth's office:
"After months of unnecessary delays and obstruction by Republican leadership, Congress approved legislation today that prevents student loan interest rates from doubling.
For more than 124,000 Kentucky students, this means an average savings of $1,000 in interest payments. And for future students, it underscores our commitment to broadening access to education for all Americans. Education is the best investment we can make in the future of our country, and with the passage of this legislation we are helping ensure that we maintain the highest-skilled workforce in the world."
The packaged legislation will go to the Senate where it is expected to have quick approval.