Burr: Student Loan Rate Decrease Puts $1.1 Billion in the Pockets of North Carolinians
WASHINGTON –Senator Richard Burr (R-NC) released a video statement on the student loan interest rate decrease that goes into effect today.
Student loan interest rates are dropping for the third year in a row to 3.76 percent, down from a high, government-set rate of 6.8 percent in 2012. This decrease will save North Carolina families more than a billion dollars in this year alone.
In 2013, Senator Burr led the effort to pass the Bipartisan Student Loan Certainty Act of 2013. This law allows students and their families to take advantage of today’s low interest rate environment and is directly responsible for today’s student loan interest rate decrease.
“In short, this law puts more money in your pocket,” said Senator Burr. “Bipartisan agreement is rare in Washington; I’m proud to have led the charge in 2013 that is making higher education more affordable today.”
In April, Senator Burr introduced the Boost Saving for College Act. This bipartisan legislation would provide a tax credit to low-income and middle-income families who might not ordinarily save for college, encourage employers to match the college savings of their employees, allow savings that aren’t needed for college to be rolled over into a Roth IRA for retirement, and enable families with a disabled child to rollover a 529 account into an ABLE account.
Sen. Burr also joined with Senator Angus King (I-ME) to write the Repay Act, which simplifies the complex maze of federal student loan repayment programs by consolidating many of the benefits of current repayment programs into two plans: a fixed repayment plan, based on a 10-year period, and a single, simplified income-driven repayment option. The Repay Act received a unanimous vote of 97-0 in the Senate last spring.
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