Student Loan
8:14 am
Mon June 10, 2013

Virginia Lawmakers on the Student Loan Interest Rate

Virginia's House Republicans say it’s up to the Senate to figure out how to keep student loan rates from doubling in July. Capitol Hill reporter Matt Laslo has the story…

Credit thedailyrecord.com

The Republican controlled House gets a lot of blame for stalling legislation, but the chamber is moving efficiently…even if in a partisan manner. In May the lower chamber passed legislation to avoid student loan rates doubling in July by a vote of 221 to 198. It’s controversial because it ties future loan rates to the market – an idea the majority of senators rejected last week. Virginia Republican Morgan Griffith says it’s now up to Senate Democrats to act.    

“Senates got to figure out what they want. We have sent a bill over. Look that bill was not a perfect bill, but its better then July 1st coming and having the rates double. But I think that there is room to maneuver if the Senate will tell us what it is that they want, then I think that we could get a conference committee that could work something out.”

Virginia Democrat Jim Moran says the GOP proposal is unacceptable because it will increase the debt burden students are already saddled with.

“The problem is, it’s in everyone’s interest for our workforce to be as highly educated as possible, and raising student loan rates mitigates against that. So it’s bad policy. We need to make college affordable. For too many people it’s not affordable today.”

If Congress doesn’t act those student loan rates will go up next month…leaving students facing a bleak job market with even more to get depressed about.

I’m Matt Laslo…