Dear Neighbor, I want to update you on my recent vote to prevent student loan rates from doubling. As you may know, without congressional action student loan interest rates were scheduled to double on July 1, 2013. In previous years, student loan rates had been temporarily extended as a short-term solution, resulting in a kick-the-can approach that caused uncertainty for students and their parents. A permanent, long-term solution was needed to prevent rates from doubling and provide certainty for the future. I voted in favor of such a long-term solution: H.R. 1911, the Smarter Solutions for Students Act, when it passed the House of Representatives on May 23, 2013 and again on July 31, 2013, following an amendment by the Senate. H.R. 1911 prevents student loan rates from doubling, moves to a permanent market-based interest rate for new federal student loans, bases interest rates on the 10-year Treasury note, and places caps on interest rates. This bill was signed into law by President Obama on August 9, 2013. The unemployment rate for Americans ages 24-35 is 16.2% which is coupled with student loan debt averaging $30,000 per person. As a result, we find our college graduates with large student loans but without the paychecks to start paying them off. Education is vital in today’s competitive job market, yet the costs of higher education have significantly outpaced inflation. Graduates are entering the workforce with levels of debt that will take years to repay, delaying other important milestones such as starting a family, buying a first house, and saving for retirement. In addition to increasing access to higher education, creating jobs and growing the economy are of the highest priority so that our college graduates can find jobs to begin loan repayment. Good-paying jobs allow the next generation to continue to build on our nation’s innovations and economic growth in order that they, too, can attain the American Dream - like the generations of Americans who came before them. Mindful that I work for you, I remain Yours in Freedom, Scott Rigell
Posted on: Wed, 21 Aug 2013 18:43:36 +0000
Trending Topics
Recently Viewed Topics
© 2015