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More College Loan Debt?
College loan debt keeps getting worse, and it's dragging our economy down. So what does this Congress do? They just voted to.... increase college loan debt! I'm not kidding.
This week, the Republican House narrowly approved H.R. 1911, a bill that would add nearly $4 billion in student loan debt onto the backs of students and their families by turning low fixed interest rate loans for students into variable interest rate loans that will cost students more over time. Unbelievable.
When I chaired the Education Committee in Congress, we did the exact opposite. Twice, the Democratic Congress cut student loan interest rates, leading to the low 3.4 percent rate today for most federally backed college loans. We saved tens of billions of dollars that were going to bankers and middlemen and helped save students and their families real money.
House Republicans have a different approach. They think it's OK to cut money for education, increase college loan debt, and reduce food stamps, while increasing Pentagon spending and protecting tax breaks for billionaires and large oil companies.
Help me bring a little sanity back to Congress. Please donate what you can now and send a message that you and I will stand up together to bring new leadership to Congress that fights for students and families and helps to create good jobs with decent wages.
I hope you will support me today. America cannot afford more college loan debt, or anything else this Tea Party Congress has to offer.