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U.S.
Senator Sherrod Brown...
Preventing
College Costs from Rising
May 2, 2012
Justin
Kuemerle, a Wright State University student, relies on federal student
loans to
help pay for school. He recently told me that without Stafford Loans,
he would have
to forgo college.
Justin is
one of more than 382,000 students in Ohio – for the number of affected
students
in your county, click here – who are able to attend college with the
help of
Stafford Loans. Stafford Loans – low-interest loans for low- to
moderate-income
students, provided by the U.S. Department of Education – assist
undergraduate
and graduate students who could not otherwise afford college.
But, unless
Congress acts soon, on July 1st the interest rates on these vital
student loans
will double for Justin and nearly 8 million U.S. undergraduate students
nationwide.
That could
mean an increase of about $1,000 in interest payments for borrowers
simply
because Congress refuses to take action and stop the Stafford Loan rate
hike.
Ohio
college students can already expect to graduate with about $27,000 in
student
loan debt. A recent report shows that student loan debt nationwide has
reached
about $870 billion, which exceeds debt on credit cards and auto loans.
Allowing
Stafford Loan interest rates to increase will hinder Ohio students’
ability to
afford college – and hurt America’s economic competitiveness.
That’s why
I recently introduced the Stop the Student Loan Interest Rate Hike Act,
which
would prevent college from becoming even more expensive. This
legislation would
help Ohio students by maintaining the current interest rates for
subsidized
Stafford student loans at 3.4 percent.
It is in
all of our best interests to ensure that higher education is affordable
and
accessible to qualified students. Educational attainment has long been
a great
equalizer – helping families enter the middle class. It’s clear that we
need to
do more to educate young people for the jobs of the 21st century and
connect
them with businesses that are searching for skilled workers.
The last
thing we should be doing is adding to Ohio students’ already-heavy debt
load.
And as more
and more students continue to enroll in higher education, debt balances
are
expected to continue climbing. Students burdened by excessive debt are
less
likely to start a business, buy a home, or continue on to graduate
school.
My
legislation would help ensure that more middle-class Ohioans can
achieve their
dream of going to college. Ohio students – many of them already working
while
attending class – should not be required to mortgage their future or
delay
their opportunities for a better life because of student loan debt.
The ability
to pay for higher education is essential, as many middle-class jobs in
Ohio and
throughout the country require training past high school. And higher
education
leads to higher earnings over a lifetime.
Whether
it’s a career center or private liberal arts school, two-year college
or
flagship university, students should not be forced to forego college
because
Congress refused to do its work.
That’s why
I will continue to fight until Congress acts. The future of Ohio
students – and
our nation – depends on it.
Sincerely,
Sherrod
Brown
U.S.
Senator
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