On the recordFebruary 8, 2012
Last month I submitted comments to the Consumer Financial Protection Bureau about the rising problem of student loan debt. I've heard from many people in my State--students, former students, and parents--who are struggling to pay back student loans. We are asking our students to take on more debt than ever, and in this weak economy, it's hard to make the rising monthly payments. There has to be a better way. Private student loans are part of the problem. They are one of the riskiest ways to pay for college, often with uncapped variable interest rates that hit those who are least able to afford them the hardest. But the Federal student loan system also needs reform. Currently, borrowers are paying an interest rate of up to 8 percent, while homeowners refinancing their mortgages are often paying less than half of that. There is no reason that students and their parents should pay so much more for something that is as basic and essential as an education. Madam Speaker, an affordable education should be a right for every family in America. ____________________
