Timothy H. Bishop: “almost 3 months to the day, I stood here in support of the third extension to the Higher Education Act with the hope…”

“almost 3 months to the day, I stood here in support of the third extension to the Higher Education Act with the hope that it would be the last short-term measure we needed to pass before we finally produced an improved bipartisan and long overdue reauthorization bill that reflects the best interest of America's college students. I now rise in support of H.R. 5603 with a different hope, that the pending version of the Higher Education Act that the House passed in late March does not advance in the Senate, and that during the next session of Congress, under a new majority, we start over by making this legislation truly about increasing access and affordability. On July 1, student borrowers will be burdened with a higher interest rate on their loans as a result of the administration's fiscal irresponsibility. Student loan interest rates are based on the 91-day T-bill, which is directly tied to the status of our economy. Based on today's current T-bill, interest rates for student borrowers who do not consolidate by July 1 will jump from 5.3 percent to 7.14 percent, which is a 34 percent increase in the rate. Record-breaking budget deficits, tax breaks for the wealthiest Americans, and an economic policy flawed by fiscal irresponsibility have resulted in higher interest rates and our Nation's students having to pay for the mistakes of this administration and this Congress.…”