Political Quotes

“Mr. President, outstanding student loans now total more than $1.2 trillion and millions of young people are struggling to keep up with their payments. But we have a chance to give those borrowers immediate relief by cutting the interest rates on existing student loans. Make no mistake--this is an emergency. Federal watchdog agencies such as the Federal Reserve, the Consumer Financial Protection Bureau, and the Treasury Department are already sounding the alarm. Forty million Americans are saddled with student loan debt. It is holding them back, and it is holding our economy back too. Crushing student loan debt is keeping many young people from moving out of their parents' homes, from saving for a downpayment, from buying homes, buying cars, starting small businesses, saving for retirement, or making the purchases that grow our economy. It doesn't have to be this way. Congress set artificially high interest rates on old student loans that generate extra money for the government. The GAO recently projected that just the slice of Federal student loans issued between 2007 and 2012 will generate $66 billion for the U.S. Government. Those are the kinds of profits that would make a Fortune 500 CEO proud. These young people didn't go to the mall and run up charges on a credit card. They worked hard and learned new skills that will benefit this country and help us build a stronger America. They deserve a fair shot at an affordable education.…”