Political Quotes

“let me first commend Senator Warren for her very thoughtful discussion on this increasingly important topic of student debt and her efforts to assist us in extending the current interest rate of 3.4 percent while we work on a much longer and much more thoughtful approach to reform. She will be at the heart of those efforts. July 1 is a little more than 3 weeks away. Unless Congress acts, the interest rate on subsidized student loans will double from 3.4 percent to 6.8 percent, making college more expensive for more than 7 million students across the Nation, including more than 42,000 students in my home State of Rhode Island. This will hit low- and moderate-income families the hardest. Indeed, 60 percent of dependent subsidized loan borrowers come from families with incomes of less than $60,000, while 80 percent of independent subsidized loan borrowers come from families with incomes below $40,000. There is no reason to allow this rate to double, and there is no reason to rush to a long-term solution that would actually make the problem worse. There are several long-term proposals on the table, with substantial differences. The House passed a bill that, according to an analysis by the nonpartisan Congressional Research Service, would leave students worse off than letting the rate double.…”