Political Quotes

“May is college decision time for high school seniors across the country. The excitement and joy of this decision is, increasingly, tempered by concerns about just how they are going to pay for this education. The cost of college has gone up 150 percent since 1995. In July, federal subsidized undergraduate student loan rates are set to double from 3.4 percent to 6.8 percent, following the expiration of a one-year extension of lower rates. I support action to create a permanent fix to hold down student loan rates. H.R. 1911 would require that student loan interest rates change year- to-year based on the 10-year Treasury note rate. In effect, over today's rates, H.R. 1911 would increase student loans by 2.5 percent to 4.5 percent, depending on the type of loan. Because interest rates on Federal student loans will be reset every year, under the Republican plan, next year's freshmen would face an interest rate on loans taken out freshman year of 7.4 percent, more than double today's current 3.4 percent rate for subsidized Stafford loans. Those borrowing the maximum amount would pay approximately $2,000 more in interest payments under this plan during the life of those loans. This is unacceptable in a time of rising tuition costs and growing student debt. Not only does it burden our students and bar some of them from pursuing higher education, it also burdens our economy and limits economic opportunity. Instead, I support H.R.…”