Republican Representative Salmon Proposes to Lower Student Loan Rates

Arizona Republican Representative Matt Salmon has introduced H.R. 5567 in an effort to make all federal student loan rates for undergrad, graduate, and PLUS loans to be the same. Salmon is proposing lowering the interest rate margins for graduate loans from 3.6% to 2.05% and on PLUS loans to lower it from 9.5% to 8.25%.

As the bill says, it is “To amend the Higher Education Act of 1965 to require that all Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, and Federal Direct PLUS Loans have the same rates of interest.”

You can read the full text of the bill if you click here.

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