Congressman Tim Ryan today voted against the Republican-led Smarter Solutions for Students Act, which claims to help students, but it would make college more expensive for students and their families, forcing them into loans with variable interest rates that make the student debt crisis worse that it is currently. According to the Congressional Budget Office, the bill would cost an additional $3.7 billion over the next decade in interest payments.
"Future economic development is dependent on an educated workforce. Increasing student debt and making it more difficult for our students to stay in school is not in the best interests of our country, said Congressman Ryan. "Given that student loan debt has eclipsed credit card debt--my Republican colleagues should be looking at ways to decrease student debt--and variable rates that change every year is not the way to do it."
Congressman Ryan and his Democratic colleagues have supported a bill to block student loan rates from doubling on July 1--and keeps the 3.4 percent rate in place for the next two years.