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Public Statements

Student Loan Interest Rates

Floor Speech

Location: Washington, DC

Mr. THOMPSON of Pennsylvania. Mr. Speaker, today, the House passed a bipartisan 1-year extension of the current interest rate for Federally subsidized student loans. This is a good things for students across the country. But as we celebrate this accomplishment, let's keep our eye on the larger picture. We wouldn't be worried about these interest rates if not for the fact that the economy is so weak and the cost of education is so high. According to the Department of Education, the savings will be $7 a month for the average Stafford loan borrower. While that might not seem like a lot, each dollar counts for a college graduate still searching for a good-paying job.

We can have a larger effect for students by working to repeal Federal unfunded mandates that drive up the cost of college tuition and by working to put the wheels back on the economy. As a member of the Subcommittee for Higher Education and Workforce Training, I'm committed to making that happen. Let's work together to ensure that students can achieve a quality education at a reasonable cost and get great jobs when they graduate. There's no better social program than a good-paying job.

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