Political Quotes

“tomorrow, the Senate will vote to proceed to a bill that I am proud to cosponsor, to allow students to refinance their student loans at lower interest rates. We must take this commonsense approach to allow those with student loans to take advantage of historically low interest rates. It should go without saying that student loan costs should not rise so high that students cannot repay. Yet in recent years, average college tuition rates have climbed faster than inflation, far outpacing student financial aid. Since 1985, the cost of attending college has risen by 559 percent, and last school year alone, instate tuition and fees at public 4-year institutions were on average 8.3 percent higher than in the previous year. Debt caused by student loans has surpassed the level of credit card debt in the United States. In Vermont, there are 99,000 people with Federal student loans representing more than $2 billion in debt. This not only affects those borrowers and their families, but it has a devastating effect on the economy as a whole--particularly in the housing market. Student loan debt is preventing many would-be first- time home buyers from saving enough to afford a down payment. High student loan debt, combined with the housing lending climate, has left many unable to secure a mortgage. Experts are worried that the high level of student loan debt is one of the reasons the housing market has been slow to recover.…”