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Congress passes student aid legislation

June 29, 2012

By Craig Palmer, ADA News staff

Washington—Congress June 29 approved and sent to the White House for the president’s signature legislation freezing subsidized student loan rates until June 30, 2013. The legislation caps interest rates on federal loans to undergraduates at 3.4 percent.

The American Student Dental Association lobbied for the 3.4 percent cap on federal loans during the National Dental Student Lobby Days April 16-17 on the basis that educational debt plays a major role in postgraduate career planning. Dental students may have undergraduate debt as well.

The legislation will retain an interest rate of 3.4 percent on all new subsidized student loans until June 30, 2013, and change the interest the federal government plays on behalf of some borrowers who are attending school, according to a Congressional Budget Office cost estimate for the bill as posted June 28 on the website of the House Rules Committee.