Political Quotes

“I am pleased to introduce the Responsible Student Loan Solutions Act with Senator Durbin to offer a long-term approach to setting student loan interest rates. Congress must take swift action to prevent the doubling of the interest rate on need-based loans on July 1, 54 days away. We also need a new mechanism for setting interest rates on all federal student loans for the long term so that students and taxpayers are protected, and we need to take the time to get it right. In April, I introduced the Student Loan Affordability Act to keep the rate on subsidized loans at 3.4 percent for the next 2 years. This would give Congress time to debate a long-term solution as part of the reauthorization of the Higher Education Act. Today, I am introducing legislation with Senator Durbin and Congressman Tierney and Congressman Courtney to overhaul the mechanism for setting the interest rates on federal student loans. Instead of setting a numerical rate in law, which quickly becomes out of sync with the economic and interest rate environment, or locking borrowers into a fixed rate with no opportunity to refinance when rates drop, our proposal will offer adjustable rate loans for students and parents with the protection of a cap on the maximum interest rate that could be charged during periods of high interest rates.…”