News Releases

STUDENT LOANS: Murray Disappointed By Republican Votes to Block Critical Aid to College Students

Jun 06 2013

Student loan interest rates set to DOUBLE in less than one month



More than 50% of WA college students rely on student loans to finance their education

(Washington, D.C.) – Today, U.S. Senator Patty Murray released the following statement after Senate Republicans blocked legislation that would maintain low student loan interest rates for millions of American college students.  If Congress does not act before July 1, the interest rates for federal student loans will double from 3.4% to 6.8%, an effective tax hike for students that would raise college costs by thousands of dollars.

"Families and students are working harder and paying more than ever for a college degree, but unfortunately, Republicans in Congress showed again today how out of touch they are with the issues that matter to everyday Americans,” said Senator Murray. "Refusing to extend low student loan interest rates for college students is effectively voting to raise taxes on low-income students and their families who are investing in higher education and working to strengthen our country’s economic future.  We’re now less than a month away from forcing students to pay more for their education, and I will continue to urge my colleagues to support American college students.”

In Washington state, 56% of college students rely on student loans to finance their education, and those students graduate with an average of more than $23,870 in student loan debt. The commonsense legislation blocked by Senate Republicans today would keep student loan interest rates at 3.4% for the next two years while Congress works toward a long-term solution to the skyrocketing costs of higher education.