Mr. CARNEY. Mr. Speaker, I rise today to discuss the urgent need to make college more affordable. As the father of a rising college freshman, I have renewed appreciation for the astronomical cost of college.
On July 1, the problem will get even worse. Interest rates on Federal student loans are set to double; and that's why I cosponsored the Student Loan Relief Act, which would extend the current, lower rates for 2 more years.
Last month, I voted against a proposal that would have increased rates with the extra money raised going to the Federal Government. Balancing the budget on the backs of our college students is just plain wrong.
The amount of money Americans owe in student loans is greater than the amount we owe in credit card debt. This is a serious problem with serious consequences, and it's getting worse.
The future of our country, we know, depends on the ability of our young people to compete in this global economy. This means making it easier to go to college, not harder.
I urge my colleagues to support legislation that will keep interest rates low and make college more affordable.