From the office of U.S. Sen. Barbara Mikulski:
MIKULSKI STATEMENT ON REPUBLICAN FILIBUSTER OF BILL TO PREVENT STUDENT LOAN RATE HIKE
‘I call on students all across America struggling under crushing tuition costs to make their voices heard,’ Senator says
WASHINGTON – U.S. Senator Barbara A. Mikulski (D-Md.)today expressed her strong disappointment that Senate Republicans filibustered theStop the Student Loan Interest Rate Hike Act of 2012. Senator Mikulski cosponsored the legislation to prevent federal student loan interest rates from doubling for more than 103,000 Maryland students on July 1st.
“I believe in America’s opportunity ladder, and higher education is an important rung on that ladder,”Senator Mikulski said. “I’m appalled that Republicans would stand in the way of protecting middle class families being squeezed by rising tuition costs in order to protect a tax loophole for the wealthy. I call on students all across America struggling under crushing tuition costs to make their voices heard. It’s time to stand up and fight so that every student has access to the American dream and ensure that when they graduate, their first mortgage isn’t their student debt.”
As the cost of a college education continues to rise, this increase will add $1,000 to the cost of these loans for millions of Americans and will further squeeze middle class families already fighting to afford college. Without this legislation, interest rates on federal student loans will double from 3.4 percent to 6.8 percent. Republicans voted against proceeding to debate the legislation in order to protect a tax loophole that allows the wealthy to avoid paying employment taxes on a significant portion of their income.