Rep. Steve Israel’s Student Loan Relief Act of 2013 looks to head off student loan hikes

Israel is co-sponsoring the Student Loan Relief Act of 2013.

Israel is co-sponsoring the Student Loan Relief Act of 2013. (5/3/13)

DIX HILLS - The interest rates on some popular student loans may soon double, a possible economic dilemma for college students that Rep. Steve Israel (D-Dix Hills) is trying to stay ahead of.

Interest on the federally subsidized Stafford Loan is set to jump from 3.4% to 6.8% this summer. Israel is co-sponsoring the Student Loan Relief Act of 2013, a bill in an effort to stave off the hikes. Israel’s bill would keep rates down for two more years.

“The clock is ticking and it is a time bomb on college affordability,” says Israel.

Israel’s bill would cost taxpayers $7 billion, but the congressman says the investment is worth it.

“We understand that we have to lower our debt, and we've supported spending cuts, but this is a matter of priorities,” he says.

Israel says he'll be asking Congress Monday to back his bill on the House floor.
 

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