Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today after President Obama called on Congress to prevent student loan interest rates from doubling on July 1st:
“There is no greater way to safeguard the future of our country than to invest in the education of our children. Yet if Congress fails to act by July 1st, interest rates on student loans will double, putting a college education well out of reach for millions of American students. With hardworking families already carrying $1 trillion in student loan debt, we must do more to ease – not exacerbate – that burden.
“House Democrats are eager to help middle class families keep college more affordable. But Republicans have acted to do the opposite, voting for the ‘Make College More Expensive Act’ to saddle hard-working students and families with higher interest payments for their loans. When a majority of new jobs in the next decade will require a college degree, it is an economic necessity that obtaining a higher education remains an opportunity for every student, not a perk of the privileged few.
“House Republicans should come back to the table and work with Democrats to prevent interest rates from doubling now. We must reaffirm our commitment to the success of America’s students, families, and future by making college affordable for all.”