Washington , DC – Congresswoman Shea-Porter is pleased to announce that as of July 1, the federal student loan interest rate has been lowered to 6.00%. The rate cut, from 6.8% to 6.00%, is the first of a series of cuts that will take place over the next three years, as part of the College Cost Reduction and Access Act of 2007.
The College Cost Reduction and Access Act of 2007 (H.R. 2669) was signed into law on September 27, 2007. It makes college more affordable for middle-class students and families by reducing interest rates on subsidized federal Stafford Loans for undergraduate students. This reduction will save the average student in New Hampshire more than $2,500 over the life of their loan.
“ As a member of the House Education & Labor Committee, I was proud to cosponsor the College Cost Reduction and Access Act ,” stated Congresswoman Shea-Porter. “ It is a significant step towards making college more affordable for New Hampshire’s students .”
In addition to the 0.8% cut that took place on July 1, the College Cost Reduction and Access Act of 2007 will continue to lower interest rates in several phases over the next three years, culminating in a rate of 3.4% in 2011.