Rockefeller says He'll Fight to Protect Student Loans - Beckley, Bluefield & Lewisburg News, Weather, Sports

Rockefeller says He'll Fight to Protect Student Loans

WASHINGTON, D.C. -

A week after the U.S. House of Representatives defied veto threats and voted to support a bill that would double student loan interest rates, Sen. Jay Rockefeller, D-W.Va., said he'll support legislation to keep those rates from increasing.

Student loan interest rates are scheduled to rise from 3.4 percent to 6.8 percent July 1 unless Congress takes action to stop it. Republicans and Democrats in Congress are split on their decisions. While most support keeping interest rates low, there is disagreement as to how to fund programs and keep interest rates down. The bill that passed last week would pull money from a fund set aside under the Affordable Care Act for preventive women's care. Some Democrats back a bill that would reallocate funding from Social Security. But no matter how the student loan programs are funded, Rockefeller said recent graduates shouldn't have to struggle.

"College students everywhere are struggling to pay their student loan bills," Rockefeller said. "The last thing we want to do to them is double the interest rate and force students into a bigger struggle to pay off loans."

According to Rockefeller's office, nearly 72,000 West Virginians received $306 million in Stafford subsidized loans last year. In all, Americans have more than $870 billion in student loan debt, and students who graduated in 2010 have an average of $25,250 in debt.

"Thousands of West Virginia students and families are trying to pay off college debt," Rockefeller said. "The Senate bill that I am supporting would prevent a surge in rates. We need to give our students the opportunity to grow and thrive."