{"database": "press", "table": "releases", "rows": [["https://www.rounds.senate.gov/newsroom/press-releases/rounds-introduces-legislation-to-offer-affordable-student-loan-option", "Rounds Introduces Legislation to Offer Affordable Student Loan Option", "2024-08-01", "2024", "2024-08", "Republican", "Senate", "SD", "Mike Rounds", "R000605", "www.rounds.senate.gov", "rounds", "https://www.rounds.senate.gov/newsroom/press-releases", "scraper", "WASHINGTON \u2013 U.S. Senator Mike Rounds (R-S.D.) introduced legislation to offer a new affordable student loan option that would leverage private financial institutions to cover the cost of college. By guaranteeing loans made through eligible lenders and making sure no interest accrues while students are in school, the Affordable Future Loan Program Act provides students a sustainable and affordable solution.\n\nThe Affordable Future Loan Program would exist alongside the current system and would provide another option for financing or for students who need to fill the gap between federal aid and the cost to attend most public institutions. The program is inspired by the Federal Family Education Loan Program (FFEL) that was created by the Higher Education Act of 1965 but repealed in 2010. Since 2010, all federal loans have been issued by the Department of Education (ED).\n\n\u201cStudents in South Dakota and across the nation need a more affordable way to take out loans and pay for higher education,\u201d said Rounds. \u201cThe Affordable Future Loan Program would allow students to use private financial institutions to take out federal loans. By utilizing the efficiencies of the private sector and providing enough financing to cover the actual cost of going to school, this program will ultimately save money for hardworking students and their families. While it doesn\u2019t change any existing programs, this bill would provide a low-interest choice for financing education and take Washington bureaucrats out of the process.\u201d\n\n\u201cWith guaranteed loans that do not accrue interest while students are in school, the act provides a lifeline to students who struggle to bridge the gap between federal aid and the rising costs of higher education. Senator Rounds\u2019 innovative approach will make higher education attainable for all Americans, preserving the dream of college for future generations,\u201d said Jeff Olson, President-CEO, Dakota Credit Union Association. \u201cThe Affordable Future Loan Program Act, championed by Senator Mike Rounds, offers a crucial solution to the pressing issue of college affordability. By leveraging the private sector to create a sustainable and affordable loan product, this legislation ensures that middle-class families across the country are no longer burdened with long-term debt.\u201d\n\n\u201cChoosing a college or trade school is a decision most students look forward to making, but with rising costs and a decrease in available financing, these decisions have become an impossible burden for middle class families,\u201d said Jim Nussle, President/CEO of America\u2019s Credit Unions. \u201cSenator Rounds\u2019 Affordable Future Loan Program Act \u2013 legislation that America\u2019s Credit Unions fully supports \u2013 brings new life to these important, life-altering decisions. Whether you are choosing to pursue an undergraduate degree or seeking a trade education, this bill helps close the gap in affordable loan options, sets students up for success, and better ensures their financial well-being.\u201d\n\n\u201cI appreciate Senator Rounds trying to pull together local, state, and federal stakeholders in education,\u201d said South Dakota Senator Steve Kolbeck. \u201cIt\u2019s clear he wants to keep what is working, fix what is broken, and bring back what has worked in the past. I\u2019m optimistic he can help us push local control and education financing to be more community focused while still maintaining accountability of tax dollars. Over regulation is as harmful to education as under regulation is and finding commonsense solutions should be achievable.\u201d\n\n\u201cI commend Senator Rounds for addressing the issue of student loan reform and looking for ways to include the private sector in this solution,\u201d said Dylan Clarkson, President & CEO of Pioneer Bank & Trust and Chairman of the South Dakota Bankers Association. \u201cOffering a more affordable student loan option is not only good for students, but also good for local banks and the economy.\u201d\n\nThe Affordable Future Loan Program Act would issue federal student loans through private financial institutions. Loans would be guaranteed 98% by the federal government when the student attends an accredited institution. Students are able to borrow equal to the average cost to attend a public university plus room and board. Students would not accrue interest while they are in school, and the interest rate would be set by the Treasury 10-year note instead of Congress as it is currently.\n\nUnder Rounds\u2019 plan, the maximum interest rate that may apply is capped at 6.28%, while right now the interest rates for ED range from 6.53%-9.08%.\n\nClick HERE for full bill text. Click HERE to read a one page summary of the bill.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:36:13Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.rounds.senate.gov/newsroom/press-releases/rounds-introduces-legislation-to-offer-affordable-student-loan-option"], "units": {}, "query_ms": 1.659685978665948, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}