State PIRGs' Higher Education Project
218 D Street SE
Washington, DC 20003
(202) 546-9707

Ivan Frishberg

Ellynne Bannon


For Immediate Release:
Thursday, December 20, 2001

Ellynne Bannon
(202) 546-9707

U.S. House of Representatives Fails to Pass Student Loan
Interest Rate Legislation (S. 1762)

Statement 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.

S.1762 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.

State 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.