Political Quotes

“Yesterday, May 13, was a significant day for 15 million college students who are entering next year's academic year because it is the day that the U.S. Department of Treasury, based on their auction of 10-year notes, sets the interest rates for the Stafford student loan program for all those students who will be borrowing for next year. The good news is that, based on yesterday's auction, where 10-year notes sold for 2.29 percent, the interest rates for next year's Stafford student loan program will be 4.29 percent, which is actually lower than last year's Stafford student loan interest rates. It is a savings of about a third of a percent--not a huge amount, but certainly headed in the right direction. This is because in 2013, we passed the Bipartisan Student Loan Certainty Act which prevented a doubling of interest rates for the Stafford student loan program. It was slated to go to 6.8 percent and, tying it to the interest charged by the Department of Treasury, moderated those costs for, again, 15 million college students all across the country who used the Stafford student loan program. That news event yesterday, though, begs the larger question, which is: What about all those people who are carrying high interest rate student loans who have already graduated over the last 10 years or so? The Federal Reserve Board tells us that over $1 trillion of student loan debt overhangs the U.S. economy today, more than car loan debt and more than credit card loan debt.…”