Georgetown University Student Association Established in 1989
The Georgetown University Student Association is pleased to announce that the House passed the Senate compromise bill on student loans this afternoon. Students are currently saddled with over $1 trillion in debt, and this effort will benefit millions of students, their families, and our economy.
Undergraduates will be able to borrow at the affordable rate of 3.8% this fall, with rates varying with the markets on an annual basis. The legislation provides for a cap of 8.25%, not expected to be reached in the next decade, that will protect students from astronomically high interest rates. Most importantly, this new rate will be applied retroactively to all interest payments after the June 1st deadline, when interest rates doubled.
We are grateful that this effort to protect students from crushing interest rates was bipartisan. In May, GUSA led an effort with other 120 student body presidents of varying political affiliations, representing over one million students, that demanded a bipartisan solution to student loan rates. Our effort called for a cap on maximum interest rates and was covered by national outlets such as ABC, FOX, the Huffington Post, and Politico Huddle. Our campaign was also highlighted in a press conference alongside Democratic House leadership.
“The bill is clearly a compromise,” said GUSA President Nate Tisa, “but we always knew this would have to be a compromise solution. Student loan interest rates are just one piece in the larger problem of the rising costs of education, but keeping them affordable is important for the students and families that rely on them - including my own.”
GUSA is pleased to have been able to serve as a national advocate on this important issue that benefits so many students and their families and thrilled that legislators have finally taken action.
