Political Quotes

“My colleagues allege, ``The Republican bill raises interest rates on students when we should be providing them with relief from their student loan debt.'' But let me respond to that, Mr. Speaker. The Smarter Solutions for Students Act will lower the interest rates for all new borrowers in the Stafford loan and PLUS loan programs rather than just extend an artificially low rate to a small subset of borrowers. This makes Federal loans more affordable for all incoming students and parents. The underlying bill helps all students, including those borrowers receiving subsidized loans, whose loans are slated to double, based on the irresponsible actions of the other side. The bill includes a reasonable cap--something missing in the administration's budget--which protects borrowers in high interest rate environments. If Democrats think the 8.5 percent cap is too high, then let's see their fiscally responsible, paid-for proposal to back up their rhetoric. The legislation also maintains current law allowing borrowers to take out a consolidation loan after graduation, where they can lock in their interest rate for the life of the loan. Students can also take advantage of a number of repayment plans and debt management initiatives such as the income-based repayment program, loan forgiveness programs, and opportunities for deferment or forbearance.…”