TOLEDO (July 1) -- Congresswoman Kaptur today called upon House Republican leadership to turn back a doubling of the interest rate on federal student loans. The rate climbed from 3.4 percent to 6.8 percent.
“The sound you’re hearing is thousands of doors slamming shut on students from lower- and middle class families,” said Congresswoman Kaptur.
“By failing to act, congressional Republicans have facilitated a 100 percent increase in interest rates. That will add thousands of dollars to the debt burdens of seven million students and families who can’t afford to pay for college in cash.”
Kaptur said President Obama has put forward a long-term solution that cuts rates this year on almost all new loans, ensures students have access to affordable repayment options, and rejects doubling the interest rate in order to pay for deficit reduction.
Congresswoman Kaptur is one of 169 Democrats who have signed a discharge petition that seeks to force Speaker John Boehner to bring to the House floor legislation to prevent the rate hike.