MEMO: Separating Stabenow's Student Loan Spin With an Assist from the New York Times

Statement

By now I am sure you have seen Senator Stabenow's efforts to barnstorm across the state and blame everyone under the sun (namely Republicans) for the failure of her student loan plan that even a Washington Post editorial has referred to as a "pathetic non-solution."

A quick trip down memory lane reminds us that the last time the student loan debate transpired, a one year extension was granted with the promise that a long-term solution would be addressed prior to July 1, 2013. On May 23rd, the House passed a market-based approach similar to what President Obama asked for regarding student loans. To date, no plan has been passed by the Senate and as a result, student loan rates now stand at 6.8%.

Today, the New York Times highlights the reality of the situation. Senator Stabenow along with Leader Reid and other Democrats in the Senate have blocked another bipartisan market-based approach to student loans from receiving a vote on the floor. Additionally, the Senate has willfully chosen to not bring the House bill to the floor for a vote, which they could have done before the deadline passed.

The state of play is this. While Senator Stabenow says she wants "compromise" she has stood in the way of a market-based approach that the President, House Republicans, and a bipartisan group of Senators support.

It's time to take politics out of the student loans equation and stop having rates decided by the whims of congress. A market-based approach ends this game of political football in which students, families and Michigan are on the losing end. I call on Senator Stabenow to work with Senators Manchin and Burr to forge a market-based solution that can pass the Senate.

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