Political Quotes

“Once again House Republicans refuse to address the affordability of higher education head on and instead are using sleight of hand to make students think their interest rates will remain low. The awful truth is that H.R. 1911 will add even more to the already $1.1 billion of student debt in this country and further increase the cost of getting a college education. As we continue to recover economically, we must ensure that students can afford a higher education. In 2007, as we were dealing with the worst of the recession, I voted in favor of legislation to reduce interest rates on Stafford loans from 6.8 to 3.4 percent. On July 1, interest rates will go back to 6.8 percent if Congress does not act. An increase to 6.8 percent will add an additional $1000 in debt over the lifetime on a student's loans. However, the non-partisan Congressional Budget Office estimates that under H.R. 1911 interest rates will rapidly increase to 7.7 percent by 2018. This bill does not guarantee lower interest rates. In fact, it does the opposite. The CBO does not project that interest rates will come down any time in the next 10 years. This is a hard truth students and their families cannot afford. I am a proud cosponsor, along with 138 of my colleagues, of H.R. 1595, the Student Loan Relief Act by Representative Joe Courtney, which keeps the interest rate at 3.4 percent through 2015.…”