CONGRESSWOMAN FREDERICA WILSON FIGHTS FOR STUDENTS BY PROTECTING LOW INTEREST RATES ON FEDERAL LOANS
WASHINGTON— Today, Congresswoman Frederica Wilson (FL-D) voted against H.R. 1911, a Republican bill that would increase student loan borrowers’ costs by $3.7 billion according to the nonpartisan Congressional Budget Office. The bill would force millions of students who are currently eligible for stable and low-interest federal loans to take out loans with skyrocketing interest rates that fluctuate year by year, worsening America’s student debt crisis.
As a lifelong educator and Member of the House Committee on Education and the Workforce, Congresswoman Wilson has been a champion for student loan borrowers’ rights. She is a coauthor of H.R. 1330, the Student Loan Fairness Act, to reduce student debt burdens through conditional loan forgiveness and low-interest refinancing opportunities. Congresswoman Wilson is also a co-sponsor of H.R. 1595, the Student Loan Relief Act, to preserve the current 3.4% interest rate on Stafford subsidized loans and prevent future cost increases. She is also currently designing a “Student Loan Borrowers’ Bill of Rights” to cap interest rates, stop unfair lending practices, expand public service loan forgiveness programs, and protect disabled borrowers.
Following today’s vote, Congresswoman Wilson issued the following statement:
“At a time when students and graduates are struggling to pay tuition and find employment, it’s immoral and impractical to increase their costs further in order to pay for federal deficit reduction.
This Republican bill is asking students—and their families—to pick up the tab for a deficit crisis they did not create.
Everyone has a stake in increasing college access and affordability. The only way we can build a strong economy and reduce unemployment is to ensure that we have well-educated workers and world-class technologies.
I’m calling on Congress to protect the 3.4% interest rate on Stafford loans immediately. It’s about fairness. It’s about jobs. It’s about our future.”
Congresswoman Wilson is available for comment.
U.S. Rep. Frederica S. Wilson is a second-term Congresswoman from Florida representing parts of Northern Miami-Dade and Southeast Broward counties. A former state legislator and school principal, she is the founder of the 5000 Role Models for Excellence Project, a mentoring program for young males at risk of dropping out of school.