Political Quotes

“Mr. Speaker, I rise today in opposition to H.R. 1911, the wrong approach to a very real problem for our nation's students. As we all know, the interest rate on student loans will double in July if Congress does not act. But today's legislation is not the solution. In fact, today's bill will make student loans more expensive, not less. Student loan debt already tops $1.1 trillion, burdening recent graduates with high monthly payments even as they struggle to find jobs and start their lives. With that much debt at the start of their careers, they may put off purchases like a home or a car. But rather than address that problem, today's bill would add $3.7 billion in additional loan interest charges over the next ten years. In fact, if we did nothing and allowed the student loan interest rate to double, students would be better off than they would be under H.R. 1911. Today's bill also makes it difficult for students to accurately predict their college costs. Under this proposal, the interest rate on loans would be recalculated every year for the life of the loan. According to Congressional Budget Office estimates, interest rates will be higher than current rates for seven of the next ten years. A borrower who takes out a loan next year under the Republican plan would see his interest rate more than double by the time he starts repaying that loan in 2017. Mr.…”