For-Profit colleges only spend 17% of their revenue on instruction. Source: Senate HELP Committee

For-Profit colleges only spend 17% of their revenue on instruction. Source: Senate HELP Committee

Under the Republican plan, America’s students will spend six and a half more years in debt than under the Democratic plan. Congress needs to take action by July 1.

Under the Republican plan, America’s students will spend six and a half more years in debt than under the Democratic plan. Congress needs to take action by July 1. 

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Welcome to the American Student Loan Crisis of 2013.

If Congress doesn’t act by July 1st, the interest rate on Stafford Loans will double from 3.4 percent to 6.8 percent.

Instead of addressing this impending increase that hurts American students, the Republican plan actually makes it worse. In just five years, under the Republican plan, loan rates will rise 7.7 percent.

More than 38 million Americans have outstanding loan debt, totaling almost $1 trillion dollars.  The Democratic plan keeps Stafford loan interest rates at 3.4% to ensure that cost is not a barrier to accessing higher education.

Today I voted against a Republican plan that would have raised interest payments on student loans by thousands of dollars. However, we won’t prevent students from being saddled with debt until we address the actual cost of tuition. Lower the...

Today I voted against a Republican plan that would have raised interest payments on student loans by thousands of dollars. However, we won’t prevent students from being saddled with debt until we address the actual cost of tuition. Lower the principal and you make every type of loan more affordable.