521 Dirksen Senate Office Building
Washington, DC 20510
Hagan Comments as President Signs Student Loan, Transportation Bill
Bill prevents student loan rates from doubling, funds transportation projects across NC
Friday, July 6, 2012
Greensboro, N.C. - U.S. Senator Kay R. Hagan (NC) today commented as the President signed a bill that prevents student loan interest rates from doubling on North Carolina students and funds transportation projects across the state. Hagan helped pass the bipartisan legislation in the Senate last week.
"The bill the President signed today provides financial certainty to North Carolina students who could not afford for interest rates on their student loans to double," Hagan said. "I am relieved the House and Senate finally put partisanship aside to move this important legislation forward, and I will continue fighting to ensure a brighter future for our students after they graduate."
The bill prevents student loan rates from doubling from 3.4 to 6.8 percent. Without this legislation, 160,000 North Carolina students would have paid an additional $1,000 in interest during the 2012-2013 academic year.
The surface transportation bill also provides certainty and funding for North Carolina construction projects that have relied on nine consecutive short-term funding measures since 2009. The legislation supports 27,600 jobs and allows $981.4 million worth of construction projects in North Carolina to continue.
"These funds will be used to improve our roads, bridges and mass transit systems - projects that will put North Carolina back to work and help us compete in the 21st century global economy," Hagan said. "I am particularly pleased that this legislation ensures that at least 95 percent of North Carolina's payments to the Highway Trust Fund will come back to our state. Under the previous law, we received less than 92 percent."
The bill also includes a long-term reauthorization of the National Flood Insurance Program, which has been instrumental in protecting North Carolina families, homes and businesses from financial ruin when flooding occurs.