Sen. Carper Statement on the Stop Student Loan Interest Rate Hike Act Vote

WASHINGTON – Today, Sen. Tom Carper (D-Del.) voted in favor of the motion to proceed to S. 2343, the Stop Student Loan Interest Rate Hike Act. The vote failed, 52 to 45. His statement follows:

“All Americans deserve the opportunity to obtain a quality education so they can be competitive in the global market place. Unfortunately, the costs of obtaining post-secondary education and training have risen dramatically in recent years. These rising costs have forced more students and their families to rely heavily on loans to finance their pursuit of higher education and are leaving recent graduates – many who are also struggling to find work – saddled with a record amount of student loan debt.

“In order to keep our nation competitive in the 21st century, we must provide a world-class education for our children and create the most productive workforce on this planet. That requires us to continue to expand higher education opportunities for students, provide our veterans with a better transition from the battlefield to the classroom, and make it easier for Americans to finance their college education. This legislation is an important part of that effort, helping our students continue their education and career training with the assurance that their student loan interest rate will remain low. We’ve taken major steps toward giving more Americans a chance to obtain a higher education, but Congress and the Administration must continue its commitment to students, families and veterans to eliminate as best we can the burden of the rising cost of college for generations to come.

“While I’m disappointed that this legislation did not receive enough support from some of my Senate colleagues to begin debate on this important bill, we will continue to work to find a solution to this problem so student loan rates don’t double on July 1 of this year.”