The House of Representatives passed H.R. 1911 on Thursday, May 23, with the support of Congressman Sensenbrenner (R-WI). This bill would link the base interest rate to the 10-year Treasury Note. All outstanding loans would reset to the current 10-year Treasury Note rate once per year.  And upon or subsequent to graduation, students could consolidate and lock in fixed rates for the life of their loans.

On July 24, the Senate incorporated a substitute amendment by Senators Manchin (D-WV) and Burr (R-NC). The House of Representatives passed H.R. 1911, the Bipartisan Student Loan Certainty Act, as amended by the Senate, yesterday with the support of Congressman Sensenbrenner.  

“This legislation is a step toward fiscal stability and helps students relying on loans to further their education. House Republicans recognize the additional stress our struggling economy is putting on graduates, especially those with student debt. This bill would prevent student interest rates from doubling this fall and provide a permanent fix to the student loan program while protecting taxpayers by not adding to the deficit. It’s unfortunate Democrats held up this effort, but I am glad to see the House approve a bill with the proper urgency to move from a plan dictated by politics to one that is market-based.”