Stafford student loan interest rates are set to double in just 10 days if Congress doesn't act. On July 1, the rates will go from 3.4 percent to 6.8 percent for new loans. The rates were originally reduced in 2007 with bipartisan support from both Republicans and Democrats.
I wholeheartedly support extending the rate reduction. Making access to an affordable education is a top priority for me, which is why I propose greater tax deductions on student loans and qualified higher education expenses for all families in my jobs plan -- all without adding to the deficit.
We teach our children that if they study hard and get an education, the opportunities for success will be there for them just as they were for the generations before them. Yet, half of today's recent college graduates are either jobless or underemployed and student loan debt in our country has surpassed credit card debt.
Years of reckless spending and partisan gridlock have led to an economy that simply cannot deliver on the promise of opportunity for our young people. Congress has a chance to do the right thing this week, and once again they seem to be putting election-year politics ahead of what's best for our students.