05.11.16

Education Committee Chairman Praises Burr Role to Secure Lowest Student Loan Rates in over a Decade

WASHINGTON –Today, Senator Richard Burr (R-NC) garnered praise from the Senate Committee on Health Education Labor and Pensions Chairman Lamar Alexander (R-TN) for his work on the Bipartisan Student Loan Certainty Act, which was signed into law in 2013 and made possible today’s news that student loan rates dropped to 3.76 percent, down from last year’s rate of 4.29 percent. This saves North Carolina students and families as much as $1.1 billion. Chairman Alexander praised the bipartisan team of Senators Burr, Joe Manchin (D-WV) and Angus King (I-ME) from the Senate floor.

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“Today, because of what we did in a bipartisan fashion passed by this body, parents and students have saved $46 billion,” said Senator Burr in his speech. “And in North Carolina this next year it's projected they will save another $1.1 billion in interest payments on their student loans. This is a day that Congress can be proud of because we've done something good for the American people.”

“I want to congratulate the Senator from North Carolina,” said Chairman Alexander in his floor speech. “The decision that Senator Burr and others made persuading this Congress, working with the President in 2013 to take the student loan interest rate out of politics and tie it to a certain rate, today reduces the rate by one half percent for nearly 6.4 million students and saves millions and millions and millions of dollars on student loans.”

Alexander continued: “A lot of people can talk. Some people can get a result. The senator from North Carolina got a result…. So congratulations to Senator Burr for saving millions of dollars to students who are taking out student loans”

WATCH Sen. Burr’s Speech here

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