On the recordApril 27, 2012
I thank the gentlelady from New York. And I just wanted to point out to her, as she well knows from New York, that 422,000 students, if this is allowed to happen on July 1, would see an increase of interest rates from 3.4 percent to 6.8 percent. For those 422,000 students in New York, that would mean $340 million in increased interest rates. So I think we can see all across the country and, just really, Mr. Speaker, would like to urge our students out there and our families to think about what this would mean for them, 7 million students across this country doing exactly what we ask them to and facing a doubling of interest rates on July 1. I notice that we've been joined today by my colleague from Ohio, who's going to help us understand also what's happening in the State of Ohio--the home of Ohio State, where I know a lot of students must be paying attention to the fact that their interest rates will double on July 1. Mr. Ryan.
