Here's my statement on the failure to move debate forward on a bill to prevent student loan interest rates from doubling this July.
The loans distributed by the U.S. Department of Education currently hold an interest rate of 3.4 percent. But that rate is set to double if Congress fails to act by July 1, 2012. If that occurs, millions of students will see their interest rates soar to 6.8 percent on the new loans they take in the next year thereby causing a steep rise in their loan burden and effectively increasing the cost of attaining a college degree.
“The bottom line is that this is important to future graduates and their families, it is a top concern among students, and has support from across the political spectrum."
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