Today the Senate will vote on a vital piece of legislation that I am proud to cosponsor, to prevent the rise in interest rates on need-based student loans. Without action, millions of students across the country will see their interest rates double on their subsidized Stafford loans on July 1. At the very least, these students deserve a debate on this vital pocketbook question that affects millions of young Americans and their families. I have always strongly believed in the importance of a college education. I was the first in my family to have the opportunity to go to college. Every young person should have the chance to pursue higher education. Education is a path out of poverty, a road to personal growth, and an access ramp to professional accomplishment and economic security. Everyone wins when access to education expands. 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 increased faster than inflation, far outpacing student financial aid. Since 1985, the cost of attending college has increased by 559 percent, and last schoolyear alone, instate tuition and fees at public 4-year institutions averaged 8.3 percent higher than the previous year. I hear from Vermonters constantly about their struggles to afford college and their concerns about student loan debt after they graduate.…
On the recordMay 8, 2012
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