Video Spotlight: Rep. Dold on Keeping Student Loan Rates Affordable

From the office of Rep. Robert Dold (Ill., 10th District)…

WASHINGTON, DC – U.S. Congressman Robert J. Dold (IL-10) released a video statement on the importance of keeping student loan rates and affordable. He voted today to prevent rates from doubling later this year.

Earlier this week, Rep. Dold joined with his colleague, Congressman Bass, to urge House Leadership to act quickly and prevent student loan interest rates from doubling. Below is a text of that letter:
Dear Speaker Boehner and Leader Cantor:

This week, we were once again reminded about the fragile nature of our economy and the challenges millions of Americans are facing as they try to find jobs and build a career.

As you know, the Associated Press reported that in 2011, roughly 1.5 million, or 53.6 percent, of bachelor’s degree-holders under the age of 25 were jobless or underemployed. These are the worst numbers in the past 11 years.

Adding to this harsh reality is the disturbing fact that the student loan debt our college students are facing after graduation recently eclipsed $1 trillion – more than the entire nation’s credit card debt. In addition, as a result of a law passed by a Democratic majority, all new federally-subsidized Stafford student loan rates will double beginning July 1st, and our students will be forced to make very tough choices for their futures.

Graduating seniors already face one of the most challenging job markets in our nation’s history and we must continue down the path of getting our economy back on track and creating an environment in which job creators and their employees can thrive and grow. However, while supporting policies that help our economy, we must also help students, and therefore we ask you to work to advance a solution that increases economic opportunity by ensuring that that college students do not see their interest rates doubled to 6.8 percent.

Given the weakness of our economy and challenges with finding employment, now is not the time to raise costs on students and their families.

We look forward to working with you and thank you for your consideration and leadership on this vital issue.

http://dold.house.gov/

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  • Another government problem due to a government solution. And so it goes....

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