Congressman Heath Shuler Helps Make College More Affordable for WNC Students

Office of Representative Heath Shuler
Representing North Carolina’s Eleventh Congressional District
For Immediate Release
 
Contact: Andrew Whalen, Communications Director
office: (202) 225-6401 / cell: (202) 731-5116
________________________________________________________________________
 
Congressman Heath Shuler Helps Make College More Affordable for WNC Students
 
Washington, D.C. – Representative Heath Shuler voted to make college more affordable
and accessible for thousands of students across Western North Carolina by slashing the
interest rate on subsidized student loans. The bill cuts the interest rate on subsidized
student loans from 6.8% to 3.4% over the next five years: from 6.8% to 6.12% in 2007;
5.44% in 2008; 4.76% in 2009; 4.08% in 2010; and 3.4% in 2011.   
 
The bill passed the House of Representatives this evening with tremendous bi-partisan
support, 356-71.
 
“Tuition and fees have increased 41 percent since 2001 and interest rates on student loans
have also risen, making college unaffordable for thousands of working families across
Western North Carolina. No American student should be denied a college education
because of cost. This legislation begins addressing those concerns and will help more
working families send their children to college,” said Shuler.   
 
“To create new jobs and expand the economy of the 11th District we need a college-
educated workforce,” said Rep. Shuler. “By making college more affordable for our
students we will be able to grow that workforce right here in our mountains.”
 
In the state of North Carolina there are currently over 92,000 four-year college students
who receive subsidized student loans. Once fully phased in, this legislation will save the
average college student in North Carolina starting school in 2011 with subsidized loans
$4,270 over the life of the loan.  
 
Following the Pay-As-You-Go budget requirements that Rep. Shuler championed, the bill
is fully paid for by making modest reductions in certain lender and guaranty agency
subsidies in order to make the student loan program more efficient and effective for
students and for American taxpayers.
 
                                                                  ###