On the recordMay 9, 2012
Mr. President, I rise today to join my colleagues in calling for a real solution to the impending student debt crisis. Yesterday we had a chance to do the right thing and stand with millions of young Americans all across our country, to invest in their future by preventing these interest rates from doubling on Stafford loans 52 days from now. Instead, our colleagues across the aisle chose to stand in the way of a commonsense proposal. As a result, 7 million students are facing higher interest rates that will cost them each an extra $1,000 a year in interest, further pushing access to quality higher education out of reach for too many and saddling others with additional unmanageable debt when they get out of college and join the workforce. But don't take it from me about how tough this is going to be, take it from the students and the families themselves. Just as the Presiding Officer has heard from thousands of families all across Alaska, we have been hearing the same online and through e-mail about what this would actually do to their families. I heard from one New York parent who has a child in college and another heading there this fall. His older child spent a year in AmeriCorps, and his younger is there serving now. He said: These kids are serving America. Both of my kids will leave college with around $25,000 in debt, if we can afford to keep it down that much.…
Source
govinfo.gov




