Rep. McCarthy Statement on Student Loan Interest Rate Cuts

Statement

Rep. McCarthy Statement on Student Loan Interest Rate Cuts

"Today, the House addressed one of the largest roadblocks in education: COSTS. Our students do not have the access to education they deserve or require to be successful in the 21st Century. I have spoken to high school students throughout my district who have worked hard and done well in school but cannot afford to continue their education. These students deserve the opportunity to go to college.

Our students are competing in a global economy. I have visited China and India and have seen the attention they pay to education. If our students are going to compete with these countries, we must invest more in education. We must make education a top priority so our students have the skills needed to compete for jobs and earn good wages. With more and more jobs going overseas, we must act now.

The Bush Administration has continued to cut funding for student loans. In addition, the interest rates on those loans are skyrocketing. Because of today's actions, New York's students could see savings of $4,570.00 per year. Those savings will allow more students the opportunity to earn a college degree and continue their education.

Today, we took a great step towards making college more affordable. Our students work hard in school, and it's time we gave them a break."

Source