Higher Education Subcommittee Chairwoman Virginia Foxx (R-NC) released the following statement upon the United States Senate's failure to agree on a permanent solution to remove politics from the student loan interest rate-setting equation and stop federal student loan interest rates from doubling on July 1:
"Is the President serious about a permanent solution to the student loan interest rate problem or isn't he? His budget and remarks from Education Secretary Arne Duncan reflect agreement with House and Senate Republicans that students and taxpayers deserve a long-term solution for student loan interest rates that is not subject to the whims of politicians or campaign cycles. However the Administration today appears to have back-peddled to join Harry Reid who would rather kick the can down the road with another temporary fix than work together to solve this problem for good."
"House Republicans have already acted to stop interest rates from doubling on July 1 and to permanently settle how rates are set. Our Smarter Solutions for Students Act is very similar to President Obama's budget proposal for addressing interest rates, so it is a shame to see the President and Senate Democrats today let the opportunity to build upon common ground slip by. Students and taxpayers deserve better."
Congresswoman Foxx is a co-sponsor of the House-passed Smarter Solutions for Students Act. By returning to a market-based student loan interest rate system, the Smarter Solutions for Students Act will strengthen federal student loan programs and better serve the interests of borrowers and taxpayers.