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Public Statements

Student Debt

Floor Speech

Location: Washington, DC

Mr. WELCH. Mr. Speaker, in just 23 days, the interest rates on Stafford student loans will double from 3.4 percent to 6.8 percent. Now, one of the few things that we agree on in this Congress is that the low interest rates should be extended, yet we've been unable to get across the goal line.

Congress needs to find the moral imagination and the will to get this done before July 1. Every day we wait, we're imposing an immense amount of anxiety on students, parents, and the economy.

Take Brian, from Grand Isle. He has $100,000 in student loans. He's got two daughters; they each have $20,000 in debt. His third daughter is in school with tuition costs that are up to $40,000.

Brian is working 65 hours a week, but he can't keep up. He can't even begin to think about retirement. It's not an option. He's just trying to get from day to day and afford to keep his daughter in college.

Mr. Speaker, this Congress has 23 days. We're running out of time.

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