“Our students deserve better,” House Education & the Workforce Committee Chairman John Kline (R-MN) says in the Weekly Republican Address, in which he urges President Obama to persuade Senate Democrats to pass a plan that stops student loan interest rates from doubling on July 1st and provides long-term stability. To date, the Republican-led House is the only chamber of Congress that has acted to solve this problem for students and their families. “As you may know, millions of student-loan borrowers could soon see their interest rates double from 3.4 percent to 6.8 percent. This rate hike, which will take effect on July 1st if nothing is done, would apply to new subsidized Stafford loans issued to undergraduates. With time running out, the House of Representatives is the only chamber of Congress that has acted to solve this problem. “Our students deserve better. We’re in this predicament because politicians put themselves in charge of setting interest rates, guaranteeing exactly this type of down-to-the-wire uncertainty for students and their families. What we need is a long-term solution that gets Washington out of the business of setting rates altogether. “Fortunately, President Obama agrees, and in his budget, he offered a plan for long-term [...]
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