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“Today Democrats are continuing to keep our promise to address vital issues in the first 100 hours of the new 110th Congress,” said Congressman Scott. “Making college more affordable is particularly important when costs of attending college continue to climb at alarming rates.”

“In addition to rising interest rates on student loans, tuition has increased by 41% at public universities and by 17% at private universities since 2001 at the same time that Republicans cut $12 billion from college student aid and froze Pell grants for higher education.”

“Cutting the interest rates on student loans in half is the kind of tax cut that helps those who are most in need, millions of American students and their families, without increasing our national debt. In Georgia, there are nearly 84,000 four-year college students with subsidized student loans who all would benefit from this bill.”

H.R. 5 will amend the Higher Education Act of 1965 to reduce interest rates for undergraduate student borrowers under the Federal Family Education Loan and Direct Loan programs from 6.8% to 3.4%. The bill will be fully paid for by making modest reductions in certain lender and guaranty agency subsidies in order to make the student loan program more efficient and effective for students and American taxpayers.

“I believe this bill will also significantly strengthen our economy whose health depends on having a highly-skilled and well-educated workforce. Making college more affordable and accessible is key to keeping our economy strong in the face of increasing global competition.”

H.R. 5 will be brought up for a vote on the House Floor later today. Congressman Scott was an original cosponsor when the bipartisan bill was introduced last week.