Political Quotes

“Mr. President, I want to talk about a heavy financial burden that too many of our fellow Americans are being forced to deal with. What I am talking about is student loans. You may be surprised to know that the second largest amount of debt in America, next to home mortgage debt, is student loan debt. Student loan debt is $1.3 trillion more than all the credit card debt combined in America. Graduates from the class of 2016 have more than $37,000 in student loan debt, on average, when they graduate. To make matters worse, the Federal Government last week announced that it was increasing interest rates on Federal student loans for this coming school year, which starts in September. For undergraduate students, rates are increased from last year at 3.76 percent to 4.45 percent, almost three-quarters of a percent. That started on July 1. Well, our economy is built on the ingenuity and creativity of young entrepreneurs who have taken a risk on something new, but today, instead of sending our graduates off to be creative and conquer the world, we are sending them off with a tremendous amount of debt that they are struggling to afford. While I was in Florida last week over the July 4th recess, I met with a group of recent graduates, and we wanted to discuss their student loans. They were not shy about telling me about it. Many of them had high interest rates.…”