[Congressional Record Volume 158, Number 98 (Wednesday, June 27, 2012)]
[House]
[Page H4079]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


             STOP STUDENT LOAN INTEREST RATES FROM DOUBLING

  (Ms. WILSON of Florida asked and was given permission to address the 
House for 1 minute.)
  Ms. WILSON of Florida. Madam Speaker, today I rise to draw attention 
to the fact that there are only 4 days left until Federal student loan 
interest rates double. On July 1, the interest rate for 7 million 
students could rise to 6.8 percent. Failure to act and to act now would 
add $6.3 billion to students' debt burdens in 1 year alone.
  Frankly, Madam Speaker, this rise in rates would happen at a time 
when our young people can least afford it. Our young people who are 
recent college graduates have the highest unemployment rate of any age 
group in the Nation, and more of them are graduating with debt than 
ever before. In fact, two-thirds of the class of 2010 graduated with 
student loan debt.
  Madam Speaker, this is a real problem. It should be solved now, and 
it shouldn't be solved on the backs of the working class and the poor. 
I urge my colleagues to join me and do the right thing. Let's stop the 
interest rates from doubling before it's too late.

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