Susan Davis: “Student interest rates are set to double in a little over a month unless Congress stops it, and that's why I rise today…”

“Student interest rates are set to double in a little over a month unless Congress stops it, and that's why I rise today in opposition to the Making College More Expensive Act. We should be considering legislation like the one my colleague, Mr. Courtney, introduced to extend low interest rates for 2 years; but, instead, we're debating a bill that makes students worse off than if Congress does nothing. That's because, under this bill, student interest rates would be subject to the whims of the market. Today, interest rates are at an all-time low, but what about 5 years? what about 10 years? what about 15 years from now? This bill lures students in with a low variable rate, only to trap them with a higher rate upon repayment. Well, Mr. Speaker, we've seen this bait and switch before, only usually it was by credit card companies setting up shop outside of college sporting events, not by the Federal Government. We are not subprime lenders. The Federal Government should not be profiting from students. It shouldn't be making $4 billion off of students.”