Steven Holt: “I represent a number of students in universities, students who have been to university, and students who hope to go to…”

“I represent a number of students in universities, students who have been to university, and students who hope to go to university for whom this is very important. As a member of the Education and Workforce Committee, I was involved in writing the legislation that resulted in the current lower interest rate. So I take this very personally for all sorts of reasons. As you point out, there are a number of problems with what is about to happen and what the majority, the Republican Party, is proposing here with adjustable rates that could trap students or former students with unmanageable debt. But what bothers me the most is why they are doing it. The point is they are trying to raise revenue without appearing to raise taxes. They are unwilling to ask a fair share from people in this economy who are doing well and instead want to turn to students and recent graduates and ask them to balance the budget, to reduce the deficit. That's why the interest rates are going up. It is so that they can collect more money. And they would be collecting it from students, just as you've been discussing. Just the wrong thing to do for an economy that is going to create new jobs, new job entry, create economic growth.”