On the recordApril 27, 2012
I submit the attached letters of opposition to H.R. 4628. A Union of Professionals, April 26, 2012. House of Representatives, Washington, DC. Dear Representative: On behalf of the more than 1.5 million members of the American Federation of Teachers (AFT), I urge you to vote ``no'' on H.R. 4628, the Interest Rate Reduction Act. As you know, on July 1, interest rates on federal subsidized Stafford student loans will double from 3.4 percent to 6.8 percent. This increase will affect 7.4 million low- and middle-income students, having a lasting impact on the long-term costs of their loans and on their future life decisions, like buying a home, owning a business or starting a family. College students are graduating with record levels of debt. In fact, national student debt has surpassed our nation's credit card debt, and with the high levels of unemployment and underemployment for graduates, there could hardly be a worse time for the interest rate on Stafford loans to double. We are pleased that both parties in the House have now finally acknowledged the need to prevent interest rates from doubling in July. However, there is a right way and a wrong way to pay for the cost of keeping the rates low for one year. Under H.R. 4628, the majority proposes to take billions of dollars from the prevention and public health fund in the Affordable Care Act.…
