Hoeven Co-Sponsors Student Loan Legislation - KMOT.COM - Minot, ND - News, Weather, Sports

Hoeven Co-Sponsors Student Loan Legislation

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Locking in student loan interest rates has been a hot button issue for Congress.

Today, Senator John Hoeven co-sponsored legislation to lower the rate on subsidized and unsubsidized Stafford loans to 3.66 percent.  If the bill passes, the interest rate will be locked in for the life of the loan. And Hoeven says that's exactly what students need.

"It provides students with dependable low-cost financing on a long-term basis. We call it the Student Loan Certainty Act, because it provides just that, certainty for our students and for our families, not another one-year extension," says Senator John Hoeven.

Two years ago, Congress passed a temporary reduction in rates from 6.8 percent to 3.4 percent, and extended the reduction again last year.  But Hoeven says he's hoping this can be a long term solution.

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