Political Quotes

“on July 1, interest rates on subsidized Stafford loans rose from 3.4 percent to 6.8 percent. This means for students across the country, the annual cost of their student loans will go up by as much as $1,000 a year. This makes no sense. The cost to the government is not 6.8 percent. In other words, the government will be making money on the student loans. That was never our intent, and that makes absolutely no sense. I hear many of my colleagues talk about how we do not want to increase tax burdens on American families. Now we are taking our most vulnerable--students who need affordable higher education--and telling them they are going to have to pay more money for their student loans. And, by the way, the government is going to make money off of that? We have to do something about that. Let me talk a little bit about the size of student loans today. Total student debt passed the $1 trillion mark last year. There is more debt in student loans than there is in credit cards in America. Sixty percent of the students must borrow money in order to afford a college education. Thirty-five percent of America's 35 million students are behind on their loan payments. This is an enormous problem, and on July 1 it became a more difficult burden for American families because of the higher interest rates.…”