Political Quotes

“Mr. President, I am proud to rise today to support the Stop the Student Loan Interest Rate Hike of 2012. I cosponsored this bill because it extends the current interest rate of 3.4% 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; nearly 50% of the students that take advantage of subsidized Stafford loans come from families with an annual income of less than $50,000. Subsidized Stafford loans help more than 7 million students attend an institution of higher education without worrying that the interest on their loans will begin accruing while they are in school. It helps more than 103,000 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. It is important to note that we will not expand our Federal deficit, and we will help families not expand the family deficit, by keeping the interest rate at 3.4 percent. Senator Reid's legislation offsets the cost of this legislation by closing a tax loophole enjoyed by individuals seeking to avoid paying payroll taxes on their income.…”