House Education and the Workforce Committee Chairman John Kline (R-MN) issued the following statement on the Senate’s upcoming vote on student loan interest rate proposals:
Last month the House approved legislation that prevents student loan interest rates from doubling on July 1st and heeds the president’s call for a long-term, market-based solution. The Senate has a chance to do the right thing and advance a similar plan, opening the door for bipartisan negotiation and agreement. However, Senate Majority Leader Harry Reid seems to have drawn a line in the sand, telling the public he’s ‘not looking for a compromise’ and only wants another temporary fix.
Students and families deserve better from their elected representatives. We have a responsibility to seek common ground and advance lasting solutions on their behalf. Refusing to work together is simply shameful. President Obama should urge Senator Reid to reconsider his position and join House efforts to advance a responsible plan that serves the best interests of borrowers and taxpayers.
The House-passed Smarter Solutions for Students Act:
Prevents student loan interest rates from doubling on July 1st.
Allows students to take advantage of low interest rates whenever available.
Protects students against high interest rates by imposing a reasonable cap.
Ensures borrowers have the option to consolidate their loans and lock in a low fixed rate.
Maintains existing federal loan repayment programs and debt management initiatives, including the generous Income-Based Repayment Plan.
Serves both taxpayers and students by producing roughly the same savings over 10 years as the president’s proposal.
To learn more about the Smarter Solutions for Students Act, click here.