Political Quotes

“I am proud to rise today to support the Keep Student Loans Affordable Act. This bill would extend the current interest rate of 3.4 percent for subsidized Stafford loans for the next school year. This interest rate reflects a record low for interest rates on Federal student loans, and these loans can only go to students and families that demonstrate a need for them; 60 percent of dependent subsidized loan borrowers come from families with incomes of less than $60,000. Subsidized Stafford loans help more than 7 million college students without worrying that the interest on their loans will begin accruing while they're in school. It helps more than 105,000 students in Maryland. Middle class families are feeling stretched and stressed and if we fail to act, students could be facing an additional $1,000 in debt over the life of their loans. I would also like to announce my support for the Bank on Student Loans Fairness Act, introduced by Senator Elizabeth Warren. This legislation would lower the current interest rate of 3.4 percent to 0.75 percent for subsidized Stafford loans for the next school year, which is the same interest rate that banks pay. Banks have arbitrarily raised interest rates on consumers, and applied higher interest rates retroactively. They charged fees without any legitimate purpose--and then charged interest on top those unfair fees.…”