On the recordJuly 24, 2013
So .0005 percent. Do you know what it means to the cost of a student loan--that $715 million I am talking about? Mr. President, on average $2.76 for each loan over the ten year period. So if you borrow $2,000 or $3,000, over the life of the loan you will pay $2.76 more, but you will save $2,000 to $3,000 in interest. For those who argue that $715 million is a deal killer, it is not. I wish it were zero, but it should not stop us. If you are frustrated with the current situation, if you think there ought to be a different student loan program, work to change it. But do not be supporting a position which raises interest rates on the students who are struggling to get by. Do not be voting against the bipartisan bill that puts a cap on these student loan interest rates. Let's roll up our sleeves in the next 4 years. Let's make sure we continue affordable interest rates for students. Mr. President, how much time do I have remaining? The PRESIDING OFFICER. The Senator's time has expired.
