Congressmen Payne Jr. And Pallone Jr. Call For Action Against Doubling Of Student Loan Interest Rates
By Alexandra Hill, WBGO News
July 1, 2013
Two New Jersey Congressmen are calling for a solution to the doubling of federal student loan interest rates that took effect today.
Congressman Frank Pallone Jr. and Donald Payne Jr. addressed a roomful of high school and college students at NJIT urging them to take action against the interest rate increase. The rates on federal need based student loans soared from 3.4 percent to 6.8 percent after congress failed to reach a deal, something Congressman Payne calls unfathomable.
“You know we’ve asked you to do well in school and get educated and participate and be productive in society so why would we handicap you and cripple you and put an impediment in front of you in order to do so.”
Congressman Payne says he and Congressman Pallone are supporting a piece of legislation that if passed would retroactively take effect keeping the interest rate at 3.4 percent for the next two years.