WASHINGTON – Today, U.S. Sen. Tom Udall of New Mexico will deliver remarks on the Senate floor about the need to find a comprehensive solution to keep loans affordable for college students in New Mexico and across the country.
The Senate is voting today on the Keep Student Loans Affordable Act of 2013. On July 1, because of Senate inaction, a temporary measure to keep interest rates low expired. As a result, the interest rates on new federal Stafford loans doubled from 3.4 percent to 6.8 percent.
Udall is a cosponsor of the Keep Student Loans Affordable Act, which would retroactively return the interest rate to 3.4 percent so that Congress can find a broader solution to skyrocketing college costs.
Approximately 12:20 p.m. ET /10:20 a.m. MT
Udall will urge his colleagues to keep interest rates low on student loans and to find a broader solution to skyrocketing education costs.