Student Loan Interest Rates
Mister Speaker, in less than one month, the interest rate for student loans is scheduled to double from 3.4 percent to 6.8 percent. This increased rate, combined with the skyrocketing costs for college, will make it extremely difficult for Americans to afford to go to college.
The cost for a higher education at a public four year college has almost TRIPLED in the past 17 years. Americans now owe MORE in tuition debt than they do in credit card debt.
According to the Consumer Financial Protection Bureau, educational loan debt in our country has reached $1 trillion. Education is one of the biggest determining factors for earning potential. Those who have bachelor’s degrees earn double the salary of those with a high school diploma. Those with Associates degrees earn 50 percent more than those with a high school diploma. I am also a strong supporter of fully funding Pell Grants, which provide federal grant aid for students to make college more affordable
Access to higher education is an investment in the future economic stability of our nation. We must put aside partisan differences and work together to preserve Pell grants and prevent the student loan rate from doubling on July 1st.