Tomorrow House Education and the Workforce Committee Chairman John Kline (R-MN) will deliver the weekly Republican address. During the address, Chairman Kline will urge President Obama to demonstrate leadership in the student loan interest rate debate, and encourage the Senate to take action on the long-term, market-based solution students and families need.
"Unless the Senate acts, millions of new student loan borrowers will see their interest rates double in a matter of days," Chairman Kline said. "Students and their families deserve better than another 11th hour crisis. We need to get politicians out of the business of setting student loan interest rates once and for all. Last month the House passed a bill that not only prevents rates from doubling on July 1st, but also embraces the president's call for a long-term, market-based solution. Instead of issuing veto threats, the president should keep his promise to help resolve this issue by working with Harry Reid and Senate Democrats to deliver the relief our nation's students need."
On May 23, the House passed with bipartisan support Chairman Kline's legislation to prevent new subsidized Stafford loans from doubling on July 1. The Smarter Solutions for Students Act (H.R. 1911) mirrors a proposal put forth in President Obama's Fiscal Year 2014 budget request. However, Senate leaders have refused to bring H.R. 1911 up for a vote. Additionally, the Senate has blocked consideration of the president's plan.
Chairman Kline recently appeared on C-SPAN's "Newsmakers" program to call on the president to demonstrate leadership in the student loan interest rate debate. He also participated in a press conference with Republican leadership earlier this week, and reiterated the urgent need for Senate action on a permanent fix to the student loan interest rate problem.