Political Quotes

“I rise to express deep disappointment in the vote that just took place a few hours ago where our Republican colleagues voted to filibuster our efforts to make sure student loans in this country do not double from 3.4 percent to 6.8 percent in July. I think everybody understands that young people in our country today, in the midst of this terrible recession, are facing extraordinary challenges. They are paying three to four times as much as their parents paid for a college education regardless of whether they attend a private or public college. When they receive their diplomas, they have no guarantee, given the state of the economy today, that they are going to be able to get a job and earn the income to pay off those debts. Given the challenges college students are facing today, the least we can do is to keep student loan interest rates at a low rate for another year. The interest rate on subsidized Stafford loans has been steadily reduced since Congress passed the College Cost Reduction and Access Act of 2007. But if Congress does nothing, interest rates on subsidized Stafford loans are set to double from 3.4 percent to 6.8 percent on July 1, 2012. When we talk about Stafford loans, we are talking about loans for students from low- and moderate-income backgrounds. Subsidized Stafford loans are need based and targeted to students who otherwise might not be able to attend college.…”