VIDEO: House Misses First Chance To Prevent Student Loan Rate From Doubling in July
House Republicans struck down an amendment to the Ryan Republican Budget this week that would have saved millions of students from a student loan interest rate hike.
The amendment, which was introduced by Rep. Karen Bass (D-Calif.), would have prevented the interest rate on the popular subsidized Stafford loan from doubling in July—from 3.4 percent to 6.8 percent. Speaking on the House floor, Bass said:
Our nation's students are facing unprecedented crippling debt before they even enter the workforce. There's no reason that, if advancing one's education is the answer for ensuring success within our country, students should not have to leave college with as much debt as a mortgage would cost.
With this amendment I hope to urge my colleagues on both sides of the aisle to make college affordability a top priority. Congress must make post-secondary education attainable for every student in America no matter their family's economic status.
Earlier this week, U.S. Public Interest Research Group, Rebuild the Dream, and Campus Progress converged on Capitol Hill to deliver more than 130,000 signatures asking Congress to halt the interest rate hike, which could cost students an average of $2,800 in interest payments alone.
Naima Ramos-Chapman is an associate editor at Campus Progress.