LONG BEACH, CA - Congressman Alan Lowenthal released the following statement today regarding the expiration of federal legislation that has resulted in the near doubling of federal student loan rates:
“America’s students are an invaluable investment in a brighter future for our nation. A highly educated 21st Century America promises to be a more competitive 21st Century America, but that future is at risk.
Regrettably, today marks the day that student loan rates nearly double because of inaction in the House of Representatives. The fact that the Republicans have refused to address the issue denies millions of our children access to an affordable education; burdens millions of families and students with unnecessary debt; and, severely hinders a generation of future academics, entrepreneurs, and leaders.My colleagues and I have offered numerous opportunities to freeze interest rates—I’ve signed on to two such bills as well as a petition to force a vote on the issue on the House floor—but each time our efforts have been rebuffed.
This is a crisis of inaction and a supreme failure of the House Republican leadership.”
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