Political Quotes

“The interest rate on student loans doubled on July 1. Because Congress failed to act, our lowest income students are now paying twice as much on these new loans. While students are paying more, the Federal Government is boosting its own profits--$51 billion in profits from the student loan programs in 2013 alone. This is just plain wrong. The government is making obscene profits on these loans--profits we can and should cut back on to help our kids who are struggling to pay for college. But Republicans have repeatedly blocked our efforts to pass a short-term fix that would save students from higher interest rates. This week the Senate will vote to fix this problem. The bill, Keep Student Loans Affordable Act, was introduced by Senators Jack Reed and Kay Hagan. It would drop the rate on direct student loans back down to 3.4 percent for 1 year, retroactively as of July 1, and give Congress time to develop a plan to do the three things we need to do: Reform student loan interest rates on new loans, refinance $1 trillion in existing debt, and lower college costs for all of our kids. Republicans have a different approach. Despite the obscene profits of the current program, they propose to make even more money from students. Their current proposal would bring in an extra $1 billion in profits off the backs of our students. Listen to the numbers. New loans will produce $184 billion in profits for the U.S. Government over the next 10 years.…”