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Pelosi Statement on Doubling of Student Loan Rates

San Francisco – Democratic Leader Nancy Pelosi released the following statement today on the failure of the House Republican leadership to prevent student loan interest rates from doubling as of midnight, July 1st:

“Today, students are bearing the brunt of another Republican-manufactured crisis.  House Republicans’ unwillingness to keep college affordable for middle class families undermines our young people, our economy, our businesses, and our long-term growth.  With students’ education hanging in the balance, there is simply no excuse for Republicans’ inaction and failure to lead.

“Democrats have offered our colleagues multiple opportunities to freeze interest rates and ensure college remains in reach for millions of Americans.  Yet each time, Republicans said ‘no,’ choosing to push their plan to make college more expensive and saddle students and families with more debt.  To make matters worse, Republicans chose to leave town for a week rather than avert this crisis.  It’s just plain wrong.

“Securing a higher education is no longer a luxury for America’s youth; it is a necessity for economic opportunity and prosperity.  Democrats are ready to work across the aisle to ensure students are not left to foot the bill of Republican obstruction and delay.  We must restore the lower interest rate and secure the success of America by securing the success of America’s students.”