Time is Running Out to Fix Student Loans

Floor Speech

Mr. THOMPSON of Pennsylvania. Mr. Speaker, more than a month ago, the House passed H.R. 1911, a bill based on the President's 2014 budget request, which would provide a market-based interest rate for student loans.

Editorial boards from across the country have lauded this bill and have called on the Senate to act on a similar proposal:

USA Today stated:

Rates on loans are now set by Washington, not markets. Obama and the House Republicans wisely call for a market solution.

The Boston Globe stated:

The solution President Obama and House Republicans have proposed would prevent what has become a frustrating annual standoff.

The Los Angeles Times stated:

Republicans are backing a long-term solution that's similar to one President Obama proposed ..... The Senate should pass its own version ..... then work out the differences with the House.

With less than a week before student loan rates jump from 3.4 percent to 6.8 percent, the Senate has failed to pass a bill that would address the issue. It's time for the Senate to come to the table.

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