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The Democratic majority in the House of Representatives has been busy.
Less than two weeks after taking control of the House, the group has already dealt with stem cell resarch, implementing the Sept. 11 Commission recommendations, raising the federal minimum wage, and reducing prescription drug prices as part of its "100 hours" agenda.
Today, it's student loan rates.
Rep. Patrick Kennedy released a statement this afternoon saying that he intends to support a Democratic initiative that would cut student loan rates in half over the next five years. A vote could come on the House floor later today.
While the measure only applies to undergraduate loans and then only to need-based subsidized funds, the House bill would cut rates from 6.8 percent to 3.4 percent.
-- projo.com staff writer Steve Peoples
"We know that a college education is critical to maintaining a competitive edge in the work force, yet each year this administration has made it more and more difficult to afford a college education," Kennedy said in the statement.
The current legislation would save nearly 20,000 Rhode Islanders an average of $4,420 per year over the life of their loan, according to information Kennedy provided from the federation of state Public Interest Research Groups.
Students attending a four-year college in Providence can expect to save an average of $4,695.32 over the life of their loan, Kennedy said.
"I will continue to speak out on the need to make higher education a realistic and attainable goal for every American," Kennedy said.
And while the House is expected to approve the measure, the Senate has yet to act on any of the "100 Hours" legislation. President Bush has also threatened to veto some of the bills.
