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Reduce Student Loans

Floor Speech

Location: Washington, DC

Mr. DeFAZIO. On July 1, student loan interest rates are set to double on their loans from 3.4 to 6.8 percent.

After initially resisting making any adjustment in proposing actual further cuts in student financial aid, the Republicans said, No, wait a minute. We'll bring up a bill. We'll take care of that for 1 year. You just have to eliminate funding for public health and preventive health care.

Student loans or preventive health care and public health. They say that is the choice we have to make. We don't have to make that choice. There's a much better choice. If we raised taxes 1 percent on income over $380,000 a year, your taxes would still be lower than in the Clinton era, and we could fund a permanent reduction in financial aid for students.

I know at the country club they're not hearing much about people who can't afford to go to college. But I tell you what, for the people in my district and the people I represent, their kids are loading up with debt. It is going to hobble them after they graduate from college.

We've got to reduce these rates. We've got to reduce them permanently. Why not ask those who have made it fabulously and earn over $380,000 a year to contribute 1 percent to that cause?

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