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Proceedings, Debates of the U.S. Congress
June 27, 2013
113th Congress, 1st Session
Issue: Vol. 159, No. 94 — Daily Edition
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STUDENT LOAN INTEREST RATE SET TO DOUBLE
(House of Representatives - June 27, 2013)
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[Pages H4092-H4093] STUDENT LOAN INTEREST RATE SET TO DOUBLE (Mr. LANGEVIN asked and was given permission to address the House for 1 minute and to revise and extend his remarks.) Mr. LANGEVIN. Mr. Speaker, in 3 short days, the student loan interest rate is set to double from 3.4 percent to 6.8 percent unless Congress takes action. This is unacceptable. College is already too expensive for far too many young people, and doubling the interest rate on student loans will only make things worse. We should be working together to solve this looming crisis. Regrettably, the only vote we have had on this is a Republican-led bill that would make college more expensive and prevent students from locking in a fixed rate. By the time 2013's freshmen graduate, they will be paying more than double today's current rate for subsidized Stafford loans. Rather than waging another partisan fight on a bill that will not pass in the Senate and the President is prepared to veto, we should consider legislation that has a chance of becoming law and that will provide real relief to students and their families. I, therefore, strongly urge House Republican leaders to allow a vote on legislation I proudly cosponsored by Congressman Courtney of Connecticut to extend the current low rate for an additional 2 years. It is a moral and economic imperative that we provide a top-notch education to every student in this country regardless of their financial means. Congress must act to fix this problem, and the clock is ticking. [[Page H4093]] ____________________