Democratic Lawmakers to Hold Press Conference Call to Discuss Upcoming July 1 Student Loan Interest Rate Cut

Wed. June 25, 2008; Posted: 06:31 AM

Advisory for Thursday, June 26, 2008 Rachel Racusen (Miller), 202-226-0853 Joanna Kuebler (Brown), 202-224-3978 Melissa Wagoner (Kennedy), 202-224-2633

Democratic Lawmakers to Hold Press Conference Call to Discuss Upcoming July 1 Student Loan Interest Rate Cut New Law Provides Significant College Aid Relief for Millions of Students This Fall

WASHINGTON, DC - With interest rates on need-based student loans set to drop on July 1, Democratic lawmakers will hold a press conference call with higher education experts and students on Thursday, June 26, to discuss this interest rate reduction and other significant new student aid benefits that will help make college more affordable for millions of students this fall.

Under the College Cost Reduction and Access Act, enacted by the Democratic Congress last fall, interest rates on need-based federal student loans will decrease from 6.8 percent to 6.0 percent on July 1. This is the first of four steps towards halving these interest rates; over the next few years these rates will continue to decrease until they reach 3.4 percent.

Beginning this fall, the law also boosts the Pell Grant scholarship, provides new up-front tuition grants to students who commit to teaching, and allows students who enter public service fields to enroll in a loan forgiveness program.

WHAT: Democratic Lawmakers Hold Press Conference Call to Discuss July 1 Interest Rate Reduction on Need-Based Student Loans

WHO: U.S. Rep. George Miller (D-CA), author of the College Cost Reduction and Access Act U.S. Senator Sherrod Brown (D-OH) Luke Swarthout, Higher Education Advocate, U.S. PIRG Quin Gonell, student and President of the Student Government Association, Salem State College, Salem, MA

WHEN: Thursday, June 26, 2008 at Noon eastern time

Reporters who want to RSVP for the conference call should contact Danielle Lee at 202-226-0853 or danielle.lee@mail.house.gov.

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