House Majority Leader Eric Cantor (R-VA) today released the following statement calling on Senate Democrats to take action on the House-passed solution to stop student loan rates from doubling:
"Today, student loan rates will increase simply because Senate Democrats failed to act. Back in May, House Republicans passed a bill which the Washington Post said, "echoes a plan Obama offered in April.' The Smarter Solutions for Students Act took immediate action to prevent these rates from unnecessarily skyrocketing. President Obama threatened a veto and House and Senate Democrats have since offered no long term alternative and have ignored the students. Working families, students and graduates deserve better than what they are getting from President Obama and Senate Democrats.
"We are disappointed in Democratic opposition to common-sense solutions to protect students and keep rates low, and call on them to put politics aside and get to work. With average student loan debt for recent college graduates exceeding $25,000, a college education is increasingly out of reach for middle class families. In addition to offering a solution to rising student loan interest rates, House Republicans put forward a proposal to begin the process of making sure students and parents have the information they need to make informed decisions when it comes to their college options. To date, the Senate has refused to act on The Improving Postsecondary Education Data for Students Act. A strong education is too important to upward mobility for us not to make this a major priority. It is time for Senate Democrats to act."