Mariel Saez, 202-225-3130
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today in response to President Obama's remarks on student loan interest rates:
“I am glad that President Obama highlighted the issue of student loan interest rates today, which Congress must address before the deadline of July 1. On that date, interest rates for student loans are set to double from 3.4% to 6.8%, placing an even heavier burden on students who are already struggling with a significant debt load. Unfortunately, the Republican bill passed last week takes the wrong approach and would make it more expensive for students to pursue higher education.
“Federal student loan programs were created to help ensure that all Americans have an equal shot at higher education and the opportunities it creates – not to leave our graduates encumbered with tens of thousands of dollars in debt before they even enter the workforce. Congress has the power to keep student loan interest rates low after July 1, and I urge Democrats and Republicans to work together, as we did last year, to bring legislation to the Floor to achieve that goal.”