On the recordMay 20, 2013
Student loan debt in the United States now exceeds $1 trillion, higher than our country's total credit card debt; and unless Congress acts, on July 1, Federal student loans will double, rising from 3.4 percent to 6.8 percent. This increase in student loan rates would be unbearable for many undergraduate students and future students. It also will keep them out of the middle class. The middle class as we know right now is shrinking. If you're in the middle class today, you're making approximately $5,000 less than you were 10 years ago, and you have nearly $25,000 more in personal debt. Access to education powers the innovation economy and will increase and grow our middle class. Unfortunately, H.R. 1911, the Republican student loan plan to come to the floor this week, will only make college more expensive. The Republican's Make College More Expensive Plan will make loan rates variable, going as high as 8.5 percent. Their plan essentially will build a great wall around our middle class. We must deal with the student loan crisis now. Instead of increasing student loan rates for students, Congress should be helping students by keeping student loan rates low and increasing the student loan rate interest deduction. Let's tear down this wall that will keep our students from the middle class and not increase the student loan rate. ____________________
