WASHINGTON, D.C. (July 9, 2013) — On July 1st, student loan rates doubled thanks to the inaction of Democrats like Collin Peterson.
Peterson voted to allow rates to double-throwing yet another obstacle in front of young people in an already sputtering economy. Peterson and his Democrat allies in Washington are putting politics over people and leaving students to pay the price.
“It’s been over a week since Collin Peterson and Washington Democrats allowed student loan rates to double,” said NRCC Communications Director Andrea Bozek. “Minnesota families should be outraged that Democrats cannot even agree to give young people a break in a stagnating economy.”
Collin Peterson Voted To Allow Student Loan Interest Rates To Increase. Student Loan Rates Doubled On July 1st.
The legislation responds to a looming deadline: On July 1, unless the law is changed, rates for a certain type of new loan for undergraduate students in financial need will double to 6.8 percent, from 3.4 percent.” (Nick Anderson, “House Approves Republican Student Loan Bill,” The Washington Post, 5/23/13).
The House Bill “Echoes A Plan Obama Offered In April.” “[T]he Republican bill echoes a plan Obama offered in April to tie interest rates to the yield on the 10-year Treasury bill, rather than setting them via an act of Congress. (Nick Anderson, “House Approves Republican Student Loan Bill,” The Washington Post, 5/23/13).
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