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On Friday, the House passed H.R. 4348*, which included an extension of the current 3.4 percent loan rate on need-based student loans through July 1, 2013. Under current law, the rate would have doubled to 6.8 percent on July 1, 2012. Young Americans have the highest unemployment rate of any other group. Two-thirds of the Class of 2010 graduated with student loan debt which averages about $25,000.  Congressman Scott is committed to ensuring that young people can start a career and pay their obligations without worrying about a large spike in their interest rates.

For more information about saving for college and reducing the need for student loans, please read an earlier blog post about cost-cutting strategies: /Blog/?postid=281817.  What have you experienced as a recent graduate or as a parent of a recent graduate?  Share your comments below.

*Even though H.R. 4348 is primarily a transportation bill, it was amended to include the text of Interest Rate Reduction Act (H.R. 4628).