Jeff Merkley on Education
Democratic Jr Senator (OR)
Congressional Summary:Amends title IV (Student Assistance) of the Higher Education Act of 1965 to extend the 3.4% interest rate on Federal Direct Stafford loans to loans first disbursed to undergraduate students between July 1, 2011, and July 1, 2015. Replaces the [termination date of] 2013 with 2015.
Proponent's argument for bill:(US PIRG press release): The Student Loan Affordability Act keeps interest rates affordable for students over the next two years. If Congress fails to act by July 1, interest rates on federal Subsidized Stafford Loans will double from 3.4% to 6.8%. That would hike the cost of college by $1,000 per student, per loan, for over 7 million students across the country. The bill pays for extending the current interest rates through 2015 by closing three non-education tax loopholes.
Opponent's argument against bill:(Rep. Tom Cotton, R-AR): Unfortunately, too many students today struggle for years to repay their loans because Washington politicians dictate student-loan rates and end up hurting students and taxpayers alike. It's causing tuition costs to skyrocket, leaving students buried in debt, often without jobs, and forced to delay buying a home and starting a family. As students struggle to repay their loans--regardless of the interest rate--taxpayers are on the hook for a $100 billion bailout--a burden hard-working Arkansans shouldn't have to bear. A better path is to let Arkansas's hometown banks work with students and families to finance higher education, just as they do with homes, farms, businesses, and other loans. I'm committed to bringing affordable higher education to every Arkansan and ending the federal-government monopoly on the student-lending business.
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