U.S. Rep. Don Young has voted with the majority in passing legislation to reduce borrowing costs for millions of college students.
The measure, which passed the House Wednesday, links student loan interest rates to financial markets. That means lower rates for most students now but higher ones later if the economy improves as expected.
The bill now goes to the president.
Young, in a statement, referred to this as a “permanent” fix to the federal student loan system. Sen. Lisa Murkowski, a fellow Republican, has expressed a similar view; Democratic Sen. Mark Begich has called it as a temporary fix.
Young says the federal government should be committed to reducing financial barriers to students’ success. He says passage of the bill is a “tremendous stride forward” in reducing those barriers.