Tierney: GOP Needs to Get Serious About Keeping Federal Student Loan Interest Rates at 3.4%
April 27, 2012
Washington DC – On the House Floor this morning, Congressman John Tierney called the Republican effort to prevent student loan interest rates from doubling, by cutting funding to preventive care for women and children, an insulting attack on middle-class families and a waste of time. Tierney is the lead sponsor of an alternative bill to keep student loan interest rates at 3.4% for the next year by closing certain tax loopholes for Big Oil.
"The Republican bill to prevent student loan interest rates from doubling is not a serious attempt to fix this situation. This bill pits American students against middle-class women and children. There is no way this is a viable option for our families," Congressman Tierney said.
Congressman Tierney continues to call on GOP Leadership to bring his bill, the Stop the Rate Hike Act of 2012 to the Floor for a vote. The legislation would keep student loan interest rates at 3.4% for a year, and is fully paid for by ending some tax subsidies to Big Oil.
"Republicans should put politics aside and bring my bill to the Floor for a vote. Not only does it keep the student loan interest rate at 3.4% for another year, but it is paid for by closing some tax subsidies for Big Oil, a billion dollar industry. We all know the Republican bill, which President Obama already threatened to veto, is not going anywhere so let's put our students ahead of these political games and vote on a bill that we can all agree on," Congressman Tierney concluded.
Today, the House passed the Republican fix that is paid for by cutting critical preventive care for women and children, like breast and cervical cancer screenings, initiatives to reduce birth defects, and childhood immunizations. However, this bill is not expected to be voted on by the Senate. If Congress does not take further action, more than 7 million students nation-wide and some 177,000 in MA will see their student loan interest rates double on July 1st.