The Honorable Eric Cantor
U.S. House of Representatives
Washington, DC 20515-6502
Dear Majority Leader Cantor:
We took note that your recent memorandum outlining the House's "summer legislative agenda" did not include any reference to the doubling of need-based Stafford Loan interest rates that will take effect on July 1. This is deeply disappointing, as we believe millions of middle-class students and their families should have the certainty of knowing that the House will act this month to stop the doubling of this interest rate.
It was unfortunate that, rather than proceed in a bipartisan manner to prevent this interest rate from doubling, the House approved an unnecessarily political and deeply-flawed bill that will not be considered by the Senate and that has garnered a veto threat by the White House. In order to stop the interest rates for over 7 million students -- roughly one out of every three college students in the country -- from going up, it is clear the House will need to act again.
As such, we were concerned that this critical issue impacting millions of middle-class students and families was not even mentioned in your recent memorandum detailing the House's "summer legislative agenda."
Moreover, while you joined Speaker Boehner last week in publicly sending a letter to the President purporting to show an interest in further negotiations on the student loan issue, that same day it was reported that Speaker Boehner privately called the issue a "phony" fight and said it was unlikely that Congress would prevent an interest rate hike before July 1.
We trust you can confirm that the omission of student loan interest rate relief from your "summer legislative agenda" was an oversight on your part and that you share our commitment to bringing responsible legislation to the House floor in the coming weeks that will prevent interest rates from doubling.
Thank you for your attention and your anticipated response.