Urging Congressional Action on Student Loans

Floor Speech

Mr. COURTNEY. Mr. Speaker, unless this Congress acts, in 75 days, the interest rate for the Stafford student loan program will explode for 8 million college students. Unless Congress acts, the rate will jump from 3.4 percent to 6.8 percent. At a time when student loan debt now exceeds credit card debt, added interest costs for a student using Stafford will increase between $5,000 and $10,000.

It is unconscionable that the Republican leadership will not bring up H.R. 3826, a bill I've introduced with 119 cosponsors to lock in the lower rate. Incredibly, the chair of the Subcommittee on Higher Education spoke last week in North Carolina and said: I have very little tolerance for people who tell me they graduate with $200,000 of debt or even $80,000 of debt.

Really? It is a sad statement when today's Republican Party turns its back on a program that helps millions of Americans fulfill their dreams and that is named after Republican Senator Robert Stafford of Vermont.

Stop the rate hike. Bring up H.R. 3826 for a vote, and keep the American

Dream alive for millions of college students.

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