Political Quotes

“once again, on July 1, millions of college students will see the interest rate double on their student loans from 3.4 percent to 6.8 percent unless Congress takes action. Borrowers will pay an estimated $1,000 more in interest on their loans each year of repayment if Congress fails to act. 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 am pleased to introduce the Student Loan Affordability Act with my colleagues Senator Al Franken, Senator Sheldon Whitehouse, Senator Debbie Stabenow, Senator Sherrod Brown, and Senator Bernie Sanders to maintain the current 3.4 percent interest rate for the next 2 years, as we work towards a long-term solution in the reauthorization of the Higher Education Act. Last Congress, we narrowly averted a doubling of the interest rate on need-based student loans. It took thousands of calls, letters, and rallies from students and parents across the country and our concerted effort to negotiate a bipartisan solution. However, we were only able to get a temporary, 1-year fix. The budget passed by the House Republicans assumes a doubling of the interest rate. In stark contrast, the budget resolution we passed last month accommodates legislation to keep rates low.…”