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Beatty Opposes Bill that would Make College Loans More Expensive

Statement

By:
Date:
Location: Washington, DC

Congresswoman Beatty (OH-03) released the following statement regarding her opposition to the Smarter Solutions for Students Act, H.R. 1911.

On May 20, 2013, Congresswoman Joyce Beatty (OH-3) voiced her concerns regarding legislation that will be considered before the U.S. House of Representatives, the Smarter Solutions for Students Act, H.R. 1911, during the Congressional Black Caucus Special Order Hour.

The Smarter Solutions for Students Act, H.R. 1911, seeks to address the student loan crisis by the adjusting interest rates. However, despite its misleading name, this bill actually would increase the cost of student loans for borrowers, discourage the use of federal loans, and exacerbate our country's troubling student debt problem. Under this bill, interest rates for student loans will balloon over the next 10 years on a variable basis, costing students and their parents almost $4 billion in additional loan interest charges and making college more expensive.

"In the hope of achieving the coveted American Dream, millions of Americans attend college with aspirations of attaining prosperity. However, with the increasing financial burden students seeking higher education face, it is now almost financially impossible for families to send their children to school without loan assistance."

"The Republican solution to fixing the student loan debt burden is not the right answer. With H.R. 1911, federal student interest rates will be higher than current fixed rates for millions of borrowers over the next ten years and will cost students and their parents, additional loan interest charges. The students and families in this country should not have to bear the brunt for poor policies that can and should be avoided."

"I urge my colleagues to work in a bipartisan fashion to reach a common sense solution to address the student loan crisis. If we allow the passage of this bill, it will be immediately detrimental to our current and future generations of scholars and their families and will in turn, impede the future prosperity of our nation."


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