Stop Student Loan Interest Rates from Doubling

Floor Speech

Ms. WILSON of Florida. Madam Speaker, today I rise to draw attention to the fact that there are only 4 days left until Federal student loan interest rates double. On July 1, the interest rate for 7 million students could rise to 6.8 percent. Failure to act and to act now would add $6.3 billion to students' debt burdens in 1 year alone.

Frankly, Madam Speaker, this rise in rates would happen at a time when our young people can least afford it. Our young people who are recent college graduates have the highest unemployment rate of any age group in the Nation, and more of them are graduating with debt than ever before. In fact, two-thirds of the class of 2010 graduated with student loan debt.

Madam Speaker, this is a real problem. It should be solved now, and it shouldn't be solved on the backs of the working class and the poor. I urge my colleagues to join me and do the right thing. Let's stop the interest rates from doubling before it's too late.

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