Hey all my political friends out there. Check out this letter I received from John Cornyn. I asked why he voted against the bill to lower the interest rate for student loans. Here is his reply. Does any of make sense to any of you? Dear Mr. Nelson: Thank you for contacting me regarding the Bank on Students Emergency Loan Refinancing Act (S. 2432). I recognize the time and effort that you are dedicating to actively participate in the democratic process, and I appreciate that you and other concerned citizens have provided me the benefit of your comments on this matter. As you know, S. 2432 was introduced in the Senate on June 11, 2014, and would permit certain individuals with old student loans, both federal and private, to refinance these loans into new federal Direct Loans at interest rates based on 2013 economic conditions. As the father of two daughters, I understand the concerns many Texans have regarding the rising cost of education and the financial burden it places on students today. I am also sympathetic to borrowers who face difficulties in repaying their loans, whether it is due to unemployment or other life circumstances. There exist a number of options available to assist these borrowers, including loan consolidation, income based repayment (IBR) plans, adjusted repayment plans, and deferment or forbearance. For more information about these options, please visit: https://studentaid.ed.gov/repay-loans/understand/plans. There is no question that access to higher education opens many opportunities for achieving success in one’s career and in life. Access to Pell Grants and affordable interest loans is important to ensuring that higher education is a viable option for many. For this reason, I am a long-time supporter of Pell Grants. I also supported the Bipartisan Student Loan Certainty Act of 2013 (P.L. 113-28), which passed the Senate on July 24, 2013, and was signed into law on August 9, 2013. P.L. 113-28 provides a permanent, market-based, and equitable solution to rising interest rates on all federal education loans issued after July 1, 2013. Interest rates, which are tied to the 10-year Treasury rates, will be fixed over the life of the loan to provide borrowers with certainty to plan for the future. At a time when more than half of recent college graduates are either unemployed or working in a position that does not require a college degree, and as American families are struggling to make ends meet, Congress must focus on enacting low-tax, common-sense policies that promote economic growth, entrepreneurship, and private-sector job creation. The key to economic prosperity and job creation is to reduce the high level of taxation and burdensome regulations on working families and small businesses that act as a barrier to creating new jobs here at home. By allowing Americans to keep more of what they earn, the economy will grow and job creation will occur. I appreciate the opportunity to represent Texas in the United States Senate. Thank you for taking the time to contact me. Sincerely, JOHN CORNYN United States Senator 517 Hart Senate Office Building Washington, DC 20510 Tel: (202) 224-2934 Fax: (202) 228-2856 cornyn.senate.gov Please sign up for my monthly newsletter at cornyn.senate.gov/newsletter.
Posted on: Tue, 24 Jun 2014 00:21:01 +0000
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