Student Loan Interest Rates

Floor Speech

By:  Judy Chu
Date: May 31, 2012
Location: Washington, DC

Ms. CHU. Mr. Speaker, imagine the shocked faces of daughters and sons all across the country when they open up their July billing statement, add up all the figures, and find it's cheaper to buy a home than pursue their higher education.

Come July 1, Republicans are going to let interest rates on student loans double. At the same time, they're making sure wasteful tax breaks for yacht and private jet owners stay in place. In fact, it's the best way for them to keep the Millionaires Club an exclusive club for good old boys, by blocking the best avenue for success that this country has ever known--a college education.

The GOP is turning the aspirations of young Americans into a revenue stream for the wealthy. They're financing reckless tax policies on the hopes and dreams of our children. I urge them to join Democrats in a serious proposal to stop these interest rates from doubling. The next generation is counting on us to act responsibly.