Political Quotes

“Mr. President, July 1 is less than 7 weeks away, and unless we act the interest rate on need-based student loans will rise from 3.4 percent to 6.8 percent. Student loan debt is second only to mortgage debt for American families. Now is not the time to add to student loan debt by allowing the interest rate on need-based student loans to double. I have worked with Chairman Harkin, Leader Reid, and many of my colleagues to develop a fully offset, 2-year extension of the current student loan interest rate. Instead of charging low- and moderate- income students more for their student loans, the Student Loan Affordability Act will keep rates where they are while closing loopholes in the Federal Tax Code. We should take up this legislation and pass it without delay. I know many of my colleagues, including myself, are working on longer term solutions that more effectively reflect market rates--but my concern is, frankly, that we will run up against this July 1 deadline and we will not have the long-term solution in place. We have to do something. That is why I urge us to pick up this legislation as quickly as possible. Our first priority must be to reassure students and families that the interest rate will not double from 3.4 percent to 6.8 percent on July 1. We have to do that. Then we can work toward a longer term solution.…”