Congressman John B. Larson released the following statement today on the student loan rate increase. Interest rates on new federally subsidized student loans have now doubled from 3.4 percent to 6.8 percent:
"All Americans understand the importance of keeping higher education affordable. Students should be given the opportunity to learn and improve their careers without taking on insurmountable debt that will take years for their families to overcome. Despite this reality, partisanship and politics in Congress have failed our people once again, and this time our students may be forced to deal with the consequences."
"Nearly 200 of my colleagues and I have joined in signing a discharge petition to bring this issue to the floor, and yet leaders of the House still refuse our students a vote. It is unimaginable how Members of Congress could be sent home with a crisis of this nature looming over American families. In our recovering economy, it is more than unfair to place additional burdens on students and those helping them through school. All Members must work together now to undo this rate increase and keep the costs of education down."