House passes student loan fixed interest rates

     The U.S. House of Representatives recently passed S1762 amending the Higher Education Act of 1965 to establish fixed interest rates for student and parent borrowers.  This bill was supported by the American Medical Association.  AMA Executive Vice President Michael D. Maves, MD, MBA wrote a letter of support to all of the representatives stating, "Many student loan borrowers enter the workforce with substantial debt.  In fact, physicians enter their residency with an average of $95,000, in student loan debt. By guaranteeing loans at a low, fixed rate, many students would be extended needed relief in the face of escalating higher education costs.  The AMA commends your efforts that would ease financial burdens of student loan borrowers."