WASHINGTON – On Wednesday, Senator Tom Harkin (D-IA), Chairman of the Senate Health, Education, Labor and Pensions Committee, released the following statement after a Harkin-sponsored measure that would return federal student loan interest rates to 3.4 percent for one year failed to clear a procedural hurdle in the Senate.
“I am deeply disappointed that my Republican colleagues have again voted down our attempt to keep student loans affordable for borrowers. With college costs rising and student debt at historic levels, now more than ever, we must ensure that students are able to afford a college education. Any plan that ties student loan interest rates to the market but omits the historical front-end cap on loans—designed to protect students should interest rates skyrocket—cannot and will not be passed by this Senate.
“I firmly believe that we should not rush to put into place a plan that we have not fully examined, but remain willing to continue negotiating towards a solution, and I am hopeful that we can work together in a bipartisan way to develop a plan that keeps interest rates affordable for students not only now, but in the future.”
When thousands of students across the country start defaulting on their student loans because they can’t afford to pay them back maybe then those with the power will understand. All my kids wanted to do was go to college and get a degree so that they could be good tax paying citizens making a decent wage. Now all they think about is how in the hell are they going to pay the loans back when the interest doubles. A sad state of affairs.
just saying, good points.
State supported colleges and universities have been pretty much cut loose from the state house budgeting process in that taxpayer support has not grown all that much while the tuition and fees portion has grown markedly. From 1999 to 2009 community college tuition grew by 71% while median family income declined 4.9%, adjusted for inflation.
Allowing college administrators to cover their costs by forever tapping students utilizing loan funds is bound to hit the wall at some point.
@???? & LVS – The main point of this article is student loan rates. Let’s try to keep on track, ok?
Iowa is an Archie Bunker state. Enough said…
The last vote was 51 in favor of cutting the rates back to 3.4% and 49 against. Not one republican voted in favor of the cut back. So the way the senate works 51% isn’t good enough for the bill to pass so once again the republican minority rules. They should all be ousted.
Why don’t people address the real issue here – the inflated cost of higher education. Money is money, and a loan is a loan. Let the students borrow the money at the going rate, charge them the same as everyone else, and quit trying to find a scapegoat to pile all the problems on. Treating everyone equally usually removes the reason for people whining.
you, LVS, and the other teabaggers would still find something to whine about. That’s what makes you guys happy.
@????-just what other teabaggers are you talking about. I don’t know any that I am aware of. I am a Independent, not a Republican which means I look at ALL the issues and make up my own mind on which is better for me and my country. I know that is a concept you Libraterds just can’t understand because you have been so brainwashed over the years. What Just Saying says is true and you are just not used to dealing with the truth as you supported the GREAT Liar in the While House.
LVS, you are no more an independent than the man in the moon is. You may register as one but that doesn’t make you one. The only time you agree with progressive’s is when the rich teabaggers are trying to take away some of your SS or your medicare. That makes you at best a republican or at worst a selfish teabagger. So stop calling yourself an independent. You are giving them a bad name.
@????-And that from a Libraterd with no morals and no bottom. I am an Independent and always have been. I vote Democratic a lot more than Republican but I was smart enough not to vote for the Great Liar in the White House. Just because I am a Independent it doesn’t mean I have to be stupid and go along with everything the Liberals come up with. The Democratic Party is not the one I voted for over the years. You are mostly socialist/communist and I consider you a threat to my country. I would be ashamed to called myself a Democrat with you in the party.
just saying, good points.
State supported colleges and universities have been pretty much cut loose from the state house budgeting process in that taxpayer support has not grown all that much while the tuition and fees portion has grown markedly. From 1999 to 2009 community college tuition grew by 71% while median family income declined 4.9%, adjusted for inflation.
Allowing college administrators to cover their costs by forever tapping students utilizing loan funds is bound to hit the wall at some point.
More jobs, eh repubs? Now back to abortion and same sex marriage.
What a black spot on history these tea party/republicans are.
this is another example of the republicans attack on the middle and lower class Americans.
Perhaps if colleges would rein in some of their expenses, they could lower tuition and other student costs to made a college education more affordable. Or better yet, have the college co-sign the loan, so if the student doesn’t pay, the govt. still gets its money.
@just-good points.
Alwas easy to blame someone else.
Uh, Tom? Your “Republican colleagues”? And here I thought the DEMOCRATS had the majority in the Senate. Seems to me that, if all the Dem’s voted for it, it would have passed. Looks like you’re pointing the finger at the wrong party, Tommy Boy. Your OWN party didn’t support this enough. If you’d had all their votes, it would have passed.
Anonymous…can you say filibuster? That is what his republican colleagues do. That is what is wrong with the senate now days. So unless you have a 60% majority you can’t get anything done. The rules in the senate need to be changed.