On the recordMay 17, 2013
For too long Congress has kicked the can down the road and avoided putting forward a long-term plan for college affordability. Yesterday, the House Education Committee took a strong step forward by strengthening our student loan programs and passing H.R. 1911, the Smarter Solutions for Students Act. Absent congressional action, interest rates on student loans will double from 3.4 to 6.8 percent on July 1. This bill prevents this from happening and ends what has become an annual debate within Congress on how to set the rates for student loans, a process that has served neither students nor taxpayers. H.R. 1911 builds on a proposal put forward by President Obama in his fiscal year 2014 budget request which would move to a market-based interest rate. The bill would allow students to take advantage of low interest rates but also protect them with reasonable rate caps during higher rate environments. Mr. Speaker, I encourage my colleagues to join in support of this bill, which will offer students the lowest possible cost for higher education and ensure the solvency of these important programs. ____________________
