Political Quotes

“We are here today, Tuesday, April 24, to talk about an issue which, again, middle class families all across America are watching very closely. As the chart next to me indicates, in 67 days, the interest rates on the Stafford student loan program, a loan program which serves over 7 million college students all across America, is slated to increase its interest rate from 3.4 percent to 6.8 percent. This program, which over time today has served roughly about 35 to 40 million Americans, is a critical component for middle class families to provide affordable higher education, which today, in the 21st century, is almost as important as having a high school education. The Stafford student loan program's interest rate was cut in 2007 as a result of the passage of the College Cost Reduction Act, a measure which cut the rate from 6.8 percent down to 3.4 percent. Unlike this Congress, it was a bipartisan effort--77 House Republicans voted for that measure; 35 Republican Senators voted for that measure. George W. Bush signed it into law, President Bush, to his credit, and it provided, again, great relief for students all across America for an issue which we now know from the Federal Reserve Bank threatens, really, the financial solvency of America's middle class. College student loan debt today now exceeds credit card debt. It exceeds car loan debt. One of the few safe harbors that exists in the system for students is, in fact, the Stafford student loan program.…”