Today, Rep. Hakeem Jeffries voted against the House Republican student loan bill, "Smarter Solutions for Students Act," H.R. 1911. This bill will not adequately address the student loan crisis we have in our country.
"A college education is the gateway to the American Dream for working families and those who aspire to be part of the middle class," said Rep. Jeffries. "This bill will take a bad student debt situation and make it much worse by increasing the interest rate that younger Americans will pay throughout the duration of the loan."
On July 1, the current student loan interest rate of 3.4% is set to double to 6.8%. If Congress fails to act, nearly 7.5 million low and middle-income students will see their loan repayment costs increase by an average of $2,800. Student loan debt in this country now exceeds one trillion dollars.
In April, Rep. Jeffries introduced H.R. 1498, a bill that aims to keep the current rate at 3.4% for one additional year, allotting the Congress enough time to come up with a permanent and fair solution to the problem.
"Congress should do all it can to make college more affordable. Instead, the House GOP has passed a bill that will make the student loan burden even heavier than it is today," said Rep. Jeffries.