Bipartisan Student Loan Certainty Act
Bipartisan Student loan Certainty act has been signed by President Obama on August 9 which is also known as HR 1911. President Obama appreciated lawmakers for coming together and for their design of the sensible approach for the Students so that they have opportunity to go to college and receive Education. He praised them for keeping student’s interest at higher and reasonable level.
President Obama stated that, the cost of college is too high and many of the young students cannot afford it and it’s out of reach for them. Many of them end up in attending college because of the high cost and because of their act they face a lot of problems. It’s a burden on their families. They cannot start a business and cannot buy a home as well. More importantly, it has a bad effect on the Economy and it’s the high time to do something about it.
It is expected that President Obama will sign a bill which is approved by the House of Representatives on July 31. The purpose of this bill is to lower interest rates on federal subsidized Stafford student loans.
Stafford loans are fixed loans for the students of undergraduate and graduate level. Congresswoman Virginia Foxx(R-NC) stated in black and white that, the bipartisan Student loan activity failed to strengthen country’s student loan system and offers long term simplicity. The newly issued student loan for each academic year will be set to the US Treasury ten-year borrowing rate, according to the bill.
Courtney stated in Black and white that, this student loan activity reduces the interest rates drastically and lower interest rates will not be sufficient to provide higher education affordable for the middle-class families.
Congressman Keith Ellison voted against the bill as according to him it increases cost of higher education for Future students.
Interest rates on student loan can increase up to 8.5% in the next five years. The Student loan Acts make it difficult for future students to get into a college classroom. There is a severe college affordability in America that the cost of higher education increases every year.