With just 30 days before the interest rate doubles on federal subsidized Stafford college loans, today U.S. Rep. Gary Peters denounced Republican Speaker John Boehner for telling Republicans at a closed door meeting that this issue is "bulls---" and "phony." As the lead co-sponsor of H.R. 3826 to prevent this July 1st rate hike, Peters has worked to build a coalition of 153 co-sponsors, but the House GOP has refused to allow a clean vote. If Republicans continue to block this bill for the next 30 days, 7.4 million college students, including 303,000 in Michigan, will accrue an extra $1,000 in debt for each year that they take out these loans.
"For Speaker Boehner to tell House Republicans at a closed door meeting that it's 'B.S.' and 'phony' to prevent student loan rates from doubling in 30 days proves how out of touch he really is," said U.S. Rep. Gary Peters. "An extra $1,000 of debt may not sound like a lot to Speaker Boehner, but it's no joke for the 303,000 Michigan students that will face this rate hike on July 1st. I've worked very hard to build support in Michigan and Washington for a bill to prevent this Republican rate hike and I'm calling on Speaker Boehner to stop turning his back on American college students by immediately allowing a clean vote."