December 20, 2001
House of Representatives Fails to Pass Student Loan
Interest Rate Legislation (S. 1762)
of Ellynne Bannon, Higher Education Advocate
We are disappointed that the Johnson student loan interest
bill (S.1762) did not pass the U.S. House of Representatives
today. It is a shame that a bill that shared wide bi-partisan
support and brought together unlikely allies like students
and lenders, fell victim to end of session politics. We are
optimistic that the House leadership will make this their
first priority in January.
would be an important step in making college more affordable
for millions of Americans. The bill would lower interest rates
on Federal student loans and, by conservative estimates, save
the typical borrower $680 over the life of their loan.
PIRGs are non-profit, non-partisan public interest advocacy
groups. The Higher Education Project was established in 1994
to secure more aid for students, with a focus on additional
grants, reduced debt, and better service to students in the
federal financial aid system.