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Public Statements

Stopping the Student Loan Interest Rate Hike

Floor Speech

Location: Washington, DC

Mr. CONNOLLY of Virginia. American innovators contribute to an economy second to none and provide a strategic advantage in national security. But from where will the advancements of tomorrow come?

The U.S. ranks 27th in the world in graduates with science and engineering degrees, so the last thing Congress should do is make education less affordable. Yet that's exactly what will happen on June 30 if Congress fails to act. Interest rates on student loans will double, hiking the yearly payments by $1,000 for more than 7 million students in this country.

April's Republican ruse of tying student loan interest rates to the evisceration of preventative health care for women and children was an unconscionable partisan ploy. No parent should be forced to choose between his child's health and education. No woman should have to choose between breast cancer screening and a student loan.

Lowered interest rates were the result of bipartisan cooperation between a Democratic Congress and a Republican President. We must stop the interest rate hike in a responsible and bipartisan manner, and I urge speedy action.

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