Student Loan Interest Rates: Don't Preserve the Problem, Fix it!
June 13, 2013
On July 1st of this year, student loan interest rates are set to double.
This doesn't have to happen, though.
And it won't, if President Obama and Senate Democrats choose to work with House Republicans on a bipartisan solution.
Unlike the Senate, the House of Representatives successfully acted to stop the unnecessary rate double. The President and Senate should follow our bipartisan example and build off the Smarter Solutions for Students Act.
Despite the White House whip lash on the issue, our legislation is very similar to President Obama's own budget proposal. It will prevent rates from doubling, allow students to benefit from low rates, and protect low and middle income students.
The House acted in a way that satisfies the President's original criteria for a long-term, market-based plan. We welcome the Senate to get on board.
Preserving this problem just to be able to campaign on the issue year after year would be a true disservice to every student and taxpayer.