Political Quotes

“on July 1, the interest rate on new federally subsidized student loans is set to double from 3.4 to 6.8 percent. That means unless Congress acts, for millions of young people the cost of borrowing money to go to college will double. The student debt problem in this country is a quiet but growing crisis. Today's graduates collectively carry more than $1 trillion in debt--more than all the outstanding credit card debt in the whole country. Doubling the interest rate on new student loans will just increase the pressure on our young people. Keep in mind: these young people didn't go to the mall and run up charges on a credit card. They worked hard, they stayed in class, they learned new skills, and they borrowed what they needed to pay for their education. Their education will improve their opportunities in life, but their education will not just help these students. When they acquire more skills, these students help us build a strong and competitive economy and they strengthen our middle class. Student interest rates are set to double in less than 2 months, but so far this Congress has done nothing--nothing--to address this problem. Some people say that we can't afford to help our kids through school by keeping student loan interest rates low. But right now, as I speak, the Federal Government offers far lower interest rates on loans, every single day--they just don't do it for everyone.…”