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Public Statements

Let's Continue the Great Work

Floor Speech

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Date:
Location: Washington, DC

BREAK IN TRANSCRIPT

Mr. COURTNEY. Mr. Speaker, with a few minutes to spare, we just voted to make sure that the interest rate for the Stafford student loan program was going to stay at 3.4 and avoid the doubling of rates, which would have happened Saturday night if we had not acted. This is an issue which took months to get to. President Obama challenged Congress back at the State of the Union in January, telling us that we must act. It took months to get any response. And I want to congratulate the 130,000 college students all across America who submitted a petition to the Speaker's office saying it was time to get moving.

We started the countdown clock on that day at Day 110, and now we are officially defusing the time bomb that would have exploded with a higher interest rate if we had not acted. We have a lot more work to do with the high cost of college and student loan debt, which now exceeds credit card debt and consumer loan debt. But having said that, we saw today an honest compromise; people coming together to make sure that that lower rate was going to be extended. Let's use that example to move forward and solve this problem for middle class families all across America.

Again, to those students who worked so hard to have their voices heard, congratulations. Let's roll up our sleeves and continue the great work.

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