Washington, D.C. -  Today, Rep. Joe Donnelly voted to make college more affordable and accessible by cutting the interest rate on subsidized student loans for undergraduates over the next five years –from 6.8% to 3.4%.  The bill, H.R. 5, cuts the interest rate in half in five steps:  from 6.8% to 6.12% in 2007; 5.44% in 2008; 4.76% in 2009; 4.08% in 2010; and 3.4% in 2011. 

“In today’s increasingly competitive global economy, a college degree is more important than ever,” Donnelly said. “However, college is getting more expensive each year. I’m glad the new Congress could take the first step in its promise to make college more affordable for Americans and hard-working Hoosier families.”

The House passed H.R. 5 this afternoon by a vote of 356 to 71.