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Without action, rate on federal loans will double on July 1

Congresswoman Chellie Pingree today called on Congress to act quickly to avoid a doubling of student loan interest rates for nearly 7.5 million borrowers this summer.

"Americans owe more on student loans than they do on credit cards," Pingree said. "And if Congress lets the interest rate double on July 1st, borrowers are going to have to come up with thousands of dollars more just to pay off that debt. At a time when families are already struggling to make ends meet, this is the last thing they need."

If Congress doesn't act, interest rates on federal student loans will double from 3.4% to 6.8% on July 1st.

Pingree has co-sponsored a bill that would make the low interest rates permanent, but House Republicans have refused to bring the bill up for a vote.

"Unfortunately Congressional leaders continue to insist on voting for tax cuts for millionaires and billionaires but won't even let us consider a bill that gives hard-working students and their families a little bit of help," Pingree said.

Pingree has also co-sponsored the Student Loan Forgiveness Act, which would cap loan payments at ten percent of a borrowers discretionary income and forgive any remaining debt after ten years of payments.

"An education isn't a luxury, it's a necessity," Pingree said. "But it keeps getting further and further out of reach for many families and it's time for Congress to act."