Today, student loan rates for millions of Americans doubled due to the failure of Senate Democrats to act before today's deadline.
House Republicans acted on May 23 with the passage of H.R. 1911, the Smarter Solutions for Students Act. The bill provides for real reform of federal student loans through market-based solutions, getting Congress -- and politics -- out of student loans forever. It's a bipartisan plan that the Washington Post said "echoes" Obama's own plan.
Unfortunately, disagreement among Senate Democrats has led to a failure to act, and as a result, millions of students and graduates will now bear the burden of doubled interest rates.
The report card is in, and Senate Democrats have failed to act.
Majority Leader Eric Cantor today released the following statement calling on Senate Democrats to take action on the House-passed solution to stop student loan rates from doubling:
“Today, student loan rates will increase simply because Senate Democrats failed to act. Back in May, House Republicans passed a bill which the Washington Post said, ‘echoes a plan Obama offered in April.’ The Smarter Solutions for Students Act took immediate action to prevent these rates from unnecessarily skyrocketing. President Obama threatened a veto and House and Senate Democrats have since offered no long term alternative and have ignored the students. Working families, students and graduates deserve better than what they are getting from President Obama and Senate Democrats.
“We are disappointed in Democratic opposition to common-sense solutions to protect students and keep rates low, and call on them to put politics aside and get to work. With average student loan debt for recent college graduates exceeding $25,000, a college education is increasingly out of reach for middle class families. In addition to offering a solution to rising student loan interest rates, House Republicans put forward a proposal to begin the process of making sure students and parents have the information they need to make informed decisions when it comes to their college options. To date, the Senate has also refused to act on The Improving Postsecondary Education Data for Students Act. A strong education is too important to upward mobility for us not to make this a major priority. It is time for Senate Democrats to act.”
You can become a Citizen CoSponsor of both the Smarter Solutions for Students Act and the Improving Postsecondary Education Data for Students Act.
It's time for Senate Democrats to act on student loans.