Political Quotes

“I wish to thank the Senator from Utah for graciously allowing me to proceed. While the Republicans failed to join us in an effort to avert the doubling of the interest rate on need-based student loans, there is still time to act to make things right for students. On July 1, the interest rate on subsidized Stafford loans doubled from 3.4 percent to 6.8 percent. Instead of allowing us to take up a vote on an extension of the lower rate, the other side continues to push a so-called long- term solution that would saddle students with even more debt in the future. Students and advocates from across the country have been very clear. On June 21, they wrote to Senate leadership, and in their words: ``A bad deal that is permanent for student borrowers is worse than no deal at all.'' We need time to work together to develop a good deal for students-- one that is comprehensive, one that touches not on just rates but on incentives to lower the costs of a college education and on ways in which students can refinance their existing debt and their future debts. As we all understand, we have reached a point where student debt has exceeded credit card debt. It is the second largest household debt--$1 trillion--and it is saddling this generation and future generations with burdens they well might not be able to discharge.…”