House Democratic Whip Steny H. Hoyer (MD) released the following statement today after signing a discharge petition that would bring forward legislation by Congressman Joe Courtney (CT) to freeze student loan interest rates and prevent them from doubling on July 1:
"Unless Congress acts by July 1, interest rates for student loans will double from 3.4% to 6.8%. Mindful of the significant burden of student loan debt, Rep. Joe Courtney has introduced a bill that would keep rates low to ensure students can afford to pursue higher education. That is why I am co-signing a discharge petition to bring his bill out of committee and before the full House for consideration.
"Last month, House Republicans passed a student loan interest rate bill that would raise the cost of college and make it harder for students to pay off their loans. Their bill is not a viable solution, and it cannot pass the Senate or survive a presidential veto. Rep. Courtney's bill is a common sense, temporary solution until Congress can achieve a longer-term fix to make college more affordable. It deserves to see timely action on the House Floor, and I urge Members from both sides of the aisle to add their names to this discharge petition so we can seek a vote to keep student loan interest rates low before the July 1 deadline."