Yvette Clarke: “Today, I rise in opposition to this rule and the underlying bill, H.R. 1911, Smarter Solutions for Students Act, the so…”

“Today, I rise in opposition to this rule and the underlying bill, H.R. 1911, Smarter Solutions for Students Act, the so- called Republican solution to address the impending student loan interest rate raise. Despite their rhetoric, the Republicans do not want the American economy more competitive. If they did, they would not have introduced this bill. Under the current law, student loan interest rates are fixed. However, H.R. 1911 would change that and student loan interest rates will become variable rates based on the Treasury interest rate plus additional percentage points. This is truly a bait and switch. Students could start their college careers with a 5 percent student interest rate, but by the time they reach their senior year, have a 7.7 to 8.5 percent student loan rate. Education has traditionally been and still remains a path out of poverty and into the middle class. And it is middle class that has historically been the backbone of America society. Instead of doing the right thing by permanently lowering student loan interest rates, the Republicans have once again decided to do things the wrong way. The Republicans just don't get it. Oppose this rule and the underlying bill.”