Mr. YODER. Mr. Speaker, I rise today to address the mounting financial challenges facing our college students.
With student loan debt over $1 trillion, even larger than the credit card debt in our Nation, students are taking on a significant financial burden in order to realize their dreams. Soon that burden may grow as interest rates are set to go up significantly on these loans that students hold, thereby increasing the cost of college dramatically in our country.
Congress must act, and the House already has. A month ago the House proactively took action to ensure America's college students and their families continue to have the Nation's support in pursuing their collegiate aspirations. In passing the Smarter Solutions for Students Act, the House would keep rates low for college students and create a permanent solution to this annual problem, getting Congress out of the business of setting interest rates.
Mr. Speaker, I hope the Senate will take up the Smarter Solutions for Students Act to create certainty for today's college students so that they, too, may have a chance to realize the American Dream.