U.S. Senator Chris Coons (D-Del.) released the following statement after voting to prevent the doubling of federal student loan interest rates, from 3.4 percent to 6.8 percent on Sunday.
"When it comes to higher education, affordability is accessibility for many students, and if we want American companies and American workers to compete and win in the global economy, we have to help our young people afford higher education -- before, during, and after they are in school.
"Too many Americans are buried under their student loan debt, choking their economic potential. As a country, we have more than $1 trillion in student loan debt, and the interest on that debt is making it even harder for millions of Americans to get by during difficult economic times. Averting the immediate doubling of federal student loan interest rates is certainly not a complete solution to the problems of college affordability or accessibility, but it is a step worth taking right now. The cost of a college education is on an unsustainable track, and we must take steps to lower the amount of money students are forced to borrow to pay for their degree. "