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 1:
'A college education is the single best investment an individual can make in themselves, a parent can make in their child, and a nation can make in its citizens. Yet if Republicans don't act, interest rates are set to double this July, and more than seven million borrowers will find themselves paying more. In this time of economic hardship, we should be helping make college more affordable, not putting it further out of reach.
'Though Republicans have said that they have 'very little tolerance' for those with large student loan burdens, Democrats know that the cost of college is a real challenge facing the middle class. That is why Democrats are proud to have led the way two years ago for the single largest investment in college affordability in our nation's history. And we are ready to work - with Republicans and President Obama - to invest in America's future again by preventing an increase in the cost of student loans.
'Instead of tax cuts for millionaires and billionaires, let's invest in America's future by making college more affordable.'