Mr. COURTNEY. Madam Speaker, 124 days. That's how many days between today and July 1 when the interest rates for the Stafford Student Loan program are going to double from 3.4 percent to 6.8 percent unless Congress acts. I, Congressman Peters, and Senator Jack Reed in the Senate have filed legislation to lock in those rates at 3.4 percent. This Chamber must act.
Today, student loan debt now exceeds credit card debt in the United States of America--a milestone which is a disaster and a formula for failure in this country. We have fallen from number one in the world in terms of graduation rates to number 12, which is a threat in terms of our future economic vitality.
As young people will be all across this Capitol over the next 2 months or so, I hope Members of Congress will look those kids in the eyes and will do the right thing to protect college affordability. Pass H.R. 3826.