Congressman Peter Roskam (IL-06) responded to the Senate’s inaction on student loan interest rates that doubled on July 1, from 3.4 percent to 6.8 percent.
“President Obama asked Congress to pass legislation to tie interest rates on student loans to the market. The House responded by doing so, and protected students and their parents from skyrocketing rates by setting a cap. The Senate left Washington last week without acting, and today, student loan interest rates have doubled. The division between President Obama and his own party got in the way of a common sense, affordable solution for families. Without hesitation, President Obama should lead his party in the Senate to act on an idea that he originally articulated in his own budget. The House has acted for the benefit of students; it is not acceptable that Senate Democrats won’t do the same.”
