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Moskowitz, Luna Introduce Bipartisan Bill to Cap Student Loan Interest Rates

Aug 30, 2024
Education
Press

Washington, DC

WASHINGTON, DC—Today, Congressman Moskowitz (D-FL) and Congresswoman Anna Paulina Luna (R-FL) introduced the Student Loan Interest Cap Act, which would improve student loan affordability by establishing a 3% cap on the interest rate of federal student loans.

“Student loan debt has become a significant barrier for many Americans hoping to start a family, buy a house, and save for retirement. I see interest rates as a simple part of the issue that Congress can tackle. It’s not right that people are making monthly payments year after year and still owing more than they originally borrowed. As a dad, I want our kids to pursue the education they need to make a difference in the world, not fearing that it will put them in debt forever. I’m happy to work across the aisle with Congresswoman Luna on this commonsense solution,” said Congressman Moskowitz.

“Millions of students get into high debt every year to be able to afford to go to college. Meanwhile, universities keep raising their tuition costs because they know students will just get a loan with interest rates of up to 9-10% that they will be paying their whole lives,” said Congresswoman Luna. “It is time we put a cap on those interest rates to make it easier for those students to pay their loans responsibly and not become captives to the banks that back these greedy institutions. I’m proud to co-sponsor Rep. Moskowitz’s legislation and to fight alongside him for everyone trying to get ahead in their education.”

The average federal loan interest rate since 2006 is 5.99%, and the average federal student loan debt balance is $37,088. The outstanding federal loan balance is $1.602 trillion and accounts for 92.8% of all student loan debt.

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