Virginia Foxx: “House Resolution 232 provides for a closed rule providing for consideration of H.R. 1911, the Smarter Solutions for…”

“House Resolution 232 provides for a closed rule providing for consideration of H.R. 1911, the Smarter Solutions for Students Act. As many of us know, on July 1, today's 3.4 percent subsidized Stafford loan interest rate is set to double to 6.8 percent for millions of current students, all because elected officials made a promise they couldn't afford to keep for the long haul. Student borrowers shouldn't have to ride the roller coaster of political largess, wondering every year whether Congress will intervene in time to keep their student loan rates low. And taxpayers shouldn't be expected to foot the bill whenever Members of Congress promise more than they can deliver. For the sake of students, families, and taxpayers, before July 1 we need to move our Federal student loan programs away from politics. Student loan rates should not be subject to the whims of Washington or seized as bargaining chips. The Smarter Solutions for Students Act will remove politics, uncertainty, and confusion from the rate-setting equation and instead anchor student loan interest rates on the 10-year Treasury note, not just for 4 years, but for good. By tying rates to the market, the Smarter Solutions for Students Act establishes a predictable rate for loan calculation insulated from the politics and posturing of Washington. House Republicans aren't alone in finding the answer for predictability in the market.…”