Washington, D.C. - Democratic Leader Nancy Pelosi released the following statement today after House and Senate Democrats working with the Obama Administration put forward legislation to keep college student loan rates from doubling on July 1. The bill will keep rates at 3.4 percent next year for more than 7 million students and their families, and it will be paid for by closing a tax loophole benefitting some of the wealthiest Americans:
“Democrats are committed to putting a college education in reach for all of our nation's students and keeping college affordable for America's middle class. Our legislation meets those goals: preventing a devastating increase in the student loan rate and averting higher costs for young people, parents, and working families.
“Our bill is responsible; it addresses a pressing challenge facing the American people; and it is paid-for. While Republicans may have ‘very little tolerance' for our country's students, Democrats are not willing to ignore this critical challenge facing millions of families.
“Republicans must take swift action to bring this measure up for a vote and work with Democrats and President Obama to invest in the education of our children and the strength of our economy.”