Burr on Student Loan Rate Drop: Students Benefit from 2013 Legislation to Pair Treasury Rate with Loan Rate

WASHINGTON, D.C. – U.S. Senator Richard Burr (R-NC) released the following statement on today’s announcement that federal student loan interest rates are set to drop for the upcoming school year to 4.29 percent, down from 4.66 percent:

“I’m thrilled that students across the country have seen the interest rates on their student loans drop for the next year, in addition to over $8 billion in savings from the past year. When I introduced the Bipartisan Student Loan Certainty Act, I knew this law would benefit 100% of students in the US, and with today’s news, our students and parents continue to reap the benefits. The facts now show that more controversial legislation would not have served students’ best interests. My bill was the right solution at the right time.” 

Senator Burr and Senator Joe Manchin (D-WV) introduced the Bipartisan Student Loan Certainty Act which was signed into law in August of 2013.