Hastings deeply troubled by doubling of student loan rates
Hastings deeply troubled by doubling of student loan rate
FORT LAUDERDALE, FL — Recently, Congressman Alcee L. Hastings (D-FL) released the following statement after Congress failed to reach a compromise to prevent the doubling of student loan rates from 3.4 percent to 6.8 percent:
“I am deeply troubled that Republicans in Congress could not find the will to act before the student loan interest rates doubled. It is outrageous that Speaker Boehner and House Republicans chose to allow student loan rates to double, rather than work with Democrats on a bipartisan solution to protect our nation’s students.
“Again and again, economists, business owners, and manufacturers tell us of the need for a highly-trained work-force capable of competing in our modern global economy. However, when given the chance to keep higher education affordable, Speaker Boehner and House Republicans closed-up shop and left town, leaving new loan recipients with an additional $1,000 in interest over the life of their student loans. This crisis was easily avoidable, yet hyper-partisanship prevailed once again.
“Congress must act responsibly to restore the lower student loan rate as soon as possible. To do anything less would be a tremendous disservice to our nation’s students, and a threat to our economic prosperity.”
Congressman Alcee L. Hastings serves as Senior Member of the House Rules Committee, Ranking Democratic Member of the U.S. Helsinki Commission, and Democratic Chairman of the Florida Delegation.