Landrieu statement on ‘Stop the Student Loan Interest Rate Hike Act of 2012’

The following is a Press Release from Senator Mary Landrieu:

U.S. Senator Mary L. Landrieu, D-La., released the following statement after today's vote by the Senate on the Stop the Student Loan Interest Rate Hike Act of 2012.

Interest rates on subsidized Stafford loans are set to double from 3.4 percent to 6.8 percent on July 1. This legislation, which Sen. Landrieu supported, would maintain the federal student loan interest rate at 3.4 percent for an additional school year.

The legislation was blocked today by Senate Republicans, who refused to allow debate of the measure.

"For many students, access to affordable college loans often means the difference between a promising career and a life of hardship. At a time when too many recent college graduates are struggling to find work, we must act now to ensure that more than 83,000 Louisiana students don't face a hike in their loan rates this summer. While Senate Democrats are willing to start debate on this bill to find a bipartisan solution, it is unfortunate that our Republican colleagues chose to block its consideration entirely – all while continuing to push tax breaks for people who make more than $1 million a year. This is a burden that middle class students – whose education is critical to the future success of our country – shouldn't be forced to carry."