Keep Student Loans Affordable Act Of 2013--Motion To Proceed
Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, last week 40,000 students in my State got some very bad news: The rates on new Stafford student loans doubled. Today, these students got…
Mr. President, I ask unanimous consent that the order for the quorum call be rescinded.
Mr. President, last week 40,000 students in my State got some very bad news: The rates on new Stafford student loans doubled. Today, these students got bad news again. Today, our Nation's students once again wait in vain for relief.
These students work hard; they are ambitious. They know how important a college education is. They know what it means to their future and to our Nation's future. They expected more of us, and I share their disappointment.
We saw this coming. This bus has been approaching the cliff for a year. That ought to be time enough to turn it around, and turn it around without throwing students underneath it. I know many of my colleagues here are trying--trying to find a long-term solution, but today we failed. Our Nation's students pay the cost of that failure.
For so many in my State, grants and loans make the difference. Federal subsidized Stafford loans are absolutely crucial, opening a door to college, to opportunity, to investing in the future. We all know these students. Most have lower incomes and fewer advantages. We ask them to work harder, and now we ask them to pay more.
They are folks such as Lori Cole. Lori was quoted in the Las Cruces Sun News. She said:
I'm almost 50 years old and returned to school last year.
I've had to take out loans on top of my grants. I don't like
the rates going up but what can I do? I have a teen in
college and a mortgage. I have no choice but to continue with
my student loans if I ever want to make more than $10 an
hour.
They are folks such as Josh Dunne. Josh wrote the following on his Facebook page:
As a disabled combat vet, my wife and I who are both
students do not have a choice but to eat the increase . . . I
don't understand how they can continue to raise the rates on
us not only for tuition but now also the loan rate and expect
the amount of students to continue to go to school. Hope they
can figure it out for our future.
I say to Josh and to so many other students like him, I hope we can figure it out too.
These students are struggling. Our economy is slowly recovering. Now is not the time to set up more barriers. Now is not the time for interest rates to double, weighing down students, weighing down hard- working families, weighing down the middle class.
The Keep Student Loans Affordable Act of 2013 would have helped, keeping the interest rate at 3.4 percent for new Stafford loans for 1 year and giving Congress time for a broader solution. But the problem is not just interest rates, it is the growing burden of student debt.
Higher education is at a tipping point, and we need a long-term plan--a plan that is sustainable, that is comprehensive. These are complicated questions that require careful answers. But one principle should be clear. For fairness, for investing in our Nation's future, college should be within the reach of all American families, not just the privileged few.
Students know how to set goals, they know how to set priorities. They expect the same of us. And priorities come down to choices. The Keep Student Loans Affordable Act offered a choice--to help students to work toward real solutions, and we could do it by simply closing a tax loophole. No new tax, no new debt, just closing a tax loophole--not exactly a radical notion.
I will do all I can to ensure the Senate will find its way to long- term answers. We will not give up on this issue. Seven million students and their families are waiting, waiting for predictability, waiting for more affordable education, and control of spiraling costs. They and their families do the heavy lifting. Every day we should lend them a hand.
The average college senior has over $26,000 in debt at graduation. Some have much more. The burden is heavy enough. We should not be adding to it now.
Mr. President, I yield the floor.