To the Editor:
To the residents of the 13th Congressional District:
I would like to take this time to congratulate my colleagues in the U.S. House of Representatives for passing legislation that will extend the current student loan interest rate of 3.4 percent for one more year. This passed on Friday, June 29, 2012, with a vote of 375 to 52. Without Congressional action, the student loan rate would have doubled to 6.8 percent on July 1, 2012.
Loan rates for over seven million college students would have doubled, and each year of inaction by Congress would have cost a student borrower approximately $1,000 in additional payments. I believe now is not the time to financially burden our students who are seeking higher education.
An estimated 143,892 New Jersey students are expected to take advantage of student loans through this legislation. While I would prefer that this extension be for a longer period of time, many New Jersey students will benefit from the 3.4 percent student loan interest rate over this upcoming year.
As your Congressman in the 13th Congressional District, I will continue to fight in Washington to make sure that every student throughout my District and the entire state of New Jersey will be able to pursue and afford a quality education.
If you should have any questions, feel free to contact my Jersey City office at (201) 222-2828.
CONGRESSMAN ALBIO SIRES