Mr. COURTNEY. Mr. Speaker, unless Congress acts in the next 25 days, the Stafford student loan interest rate will double from 3.4 percent to 6.8 percent, adding millions of dollars of additional student loan debt to middle class families.
Unfortunately, the do-nothing House is in session only 2 full days this week and 6 full days for the rest of this month. The Republican whip announced yesterday that there is no action planned on this issue this week.
It is no wonder that President Obama will once again this week reach out to college students all across America to demand action before July 1. Not only that, he is announcing today a historic agreement with colleges and universities to establish a financial aid shopping sheet, which will better inform families about the true cost of tuition as a way of avoiding debt, and will announce new lower repayment caps for the Stafford loans to reduce the burden of high debt.
One branch of government is doing its job to help with the cost of college. It is time for the Republican leadership to do the same.