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OCA Closely Monitoring Student Loan Interest Rate Deadlock in Senate

Monday, July 1, 2013   (0 Comments)
Posted by: Kham Moua
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OCA Closely Monitoring Student Loan Interest Rate Deadlock in Senate

FOR IMMEDIATE RELEASE

1 July 2013

CONTACT

Tom Hayashi | Executive Director

202 223 5500 | thayashi@ocanational.org

WASHINGTON, D.C. – OCA – Asian Pacific American Advocates, a national membership driven organization dedicated to advancing the political, social, and economic well-being of Asian Pacific Americans (APAs), is closely monitoring the deadlock within the United States Senate regarding the imminent increase to the federal Subsidized Stafford Loan interest rate.

On July 1st, federal Subsidized Stafford Loan interest rates will increase from 3.4 to 6.8 percent unless the Senate can come to some kind of a decision about how to fix this issue. However, the Senators can retroactively reinstate a limit on these interest rates after their return from the 4th of July recess.

"We are very concerned about the current situation in the Senate,” says Sharon M. Wong, OCA National President, "The interest rates of these loans have just doubled, and that is extremely concerning. We encourage our Senators to come to a swift but thoughtful resolution to this situation.”

Two of the ideas currently being considered in the Senate include a bipartisan plan to decrease student loan interest rates by bonding it to the interest rate of the U.S. Treasury note. However, this plan could potentially increase the interest rates to over 6.8 percent in the long-run. Additionally, some senators have called for an extension to the 3.4 percent interest rate in order to devise another long-term solution. As of now, the Senate is in a deadlock regarding this issue.

"The Senate has an obligation to create a fair and balanced policy solution to prevent the interest rates from doubling. Post-secondary tuition is already a barrier to higher education in the APA community. We cannot afford to create more obstacles for students,” says Tom Hayashi, OCA Executive Director, "This is a very serious concern for us, and we are closely monitoring this to see how it develops.”

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