Today, Congress passed HR 5, the College Student Relief Act, which was co-sponsored by Congressman Henry Cuellar. This bill will help make higher education accessible and affordable by cutting the interest rates in half on certain subsidized student loans over the next five years. Interest rates on subsidized student loans for undergraduates would be cut from the current 6.8 percent to 3.4 percent.

“The cost of attending college has continued growing at an unprecedented rate,” noted Congressman Cuellar. “A college education is now out-of-reach for many working families. The cost of public universities has increased by 41 percent after inflation since 2001 and jumped by 17 percent after inflation for private universities.”

Once fully phased in, this bill would save the typical borrower, with $13,800 in subsidized federal student loan debt, approximately $4,400 over the life of the loan. Additionally, cutting interest rates has widespread bipartisan support, with 88 percent of the American public supporting interest rate cuts.

“Our economy relies heavily on having a highly-skilled and well-educated workforce,” continued Congressman Cuellar. “For America to remain the preeminent global economic player, we must ensure that our students have access to all levels of education. This bill is a step forward in helping working families send their children to college.”

Congressman Henry Cuellar is a member of the House Homeland Security, Budget, and Agriculture Committees in the 110th Congress; accessibility to constituents, education, health care, economic development, and national security are his priorities.