Political Quotes

“In 5 days, unless Congress acts, the Stafford student loan program, which helps 7.5 million students pay for college, is set to see its interest rates increase from 3.4 percent to 6.8 percent. Again, this is at a time when student loan debt now exceeds $1 trillion. It's the highest form of consumer debt in the economy. It exceeds credit card debt and car loan debt. And yet, despite the fact that, again, students and families are facing this mounting, crushing burden, unless we move in a very short period of time, we are going to add to that burden by allowing the interest rates to go from 3.4 percent to 6.8 percent. Six years ago, this Congress acted to pass the College Cost Reduction Act, which cut that rate from 6.8 percent to 3.4 percent. It was a 5- year bill tied to the Higher Education Reauthorization Act. Last year, with minutes to spare, we extended that lower rate for 1 additional year. Again, here we are today, 5 days away from this rate doubling. I've introduced legislation, H.R. 1595, the Student Loan Protection Act, and 196 Members of the House signed a discharge petition demanding that the Speaker of the House bring this bill up for debate and passage, which will protect that lower rate for an additional 2 years.…”