Political Quotes

“Madam President, we all know that on July 1 interest rates for subsidized Stafford loans doubled from 3.4 percent to 6.8 percent. I have twice voted to extend the 3.4-percent rates to protect our Nation's students. Unfortunately, both times we had those votes the extensions were defeated. Without congressional action, the 6.8-percent interest rates will stand as current law. I think today we are going to vote for a bipartisan compromise to keep student loan interest rates low this year. I plan to vote for that compromise, but I have some concerns about it. I do want to thank my colleagues who have spent many hours coming to an agreement that can pass this body. This is a bipartisan compromise, and I think it is very important we work together to address this issue. While the compromise isn't perfect, our undergrads and our graduate students will be able to go to college this fall with peace of mind knowing the interest rates are well below those they would otherwise face. In fact, this compromise will save $30 billion in interest debt for students over the next 4 years. Undergraduates borrowing this year will save about $2,000 over the course of their studies, and graduates could save between $4,000 and $9,000. Today, assuming it is offered, I also plan to vote for the Reed- Warren amendment to lower the cap on interest rates.…”