Mazie Hirono: “I appreciate the hard work of my colleagues who reached today's compromise student loan plan. However, I will oppose…”

“I appreciate the hard work of my colleagues who reached today's compromise student loan plan. However, I will oppose this bill, and I want to explain my reasoning. The bill before us may be a good deal for current students in the short term, but it hurts their younger brothers and sisters in just a few years. We must find a way to make college affordable for students and families--not just for those who are attending college in the fall or over the next few years, but also for those who will attend college in the future. In Hawaii in the 2013-2014 academic year, the U.S. Department of Education predicts that over 20,000 undergraduate students, over 3,300 graduate students, and over 2,300 parent borrowers will take out Federal student loans. Today's bill changes Federal student loans to variable interest rates, and raises caps above current law. While this bill will keep student loan interest rates low in 2013, the Congressional Budget Office--CBO--projects that by 2017, the rates for undergraduate student loans will rise above current law. The American Association of State Colleges and Universities--AASCU-- American Association of University Women--AAUW; Education Trust, The Institute for College Access and Success--TICAS; United States Public Interest Research Group, Young Invincibles, and other groups oppose this bill.…”