July 1st passed and thanks to Cheri Bustos and her Washington Democrat friends, student loan rates have now doubled.
That's right, Cheri Bustos voted against a common-sense proposal?similar to President Obama's own plan?that would have kept rates from doubling.
Illinois families wanted a solution on student loan rates but Bustos voted against a common-sense proposal and then let the deadline pass without action.
NRCC Statement: "Congresswoman Cheri Bustos' disingenuous politicization of the student loan debate is very troubling. Bustos needs to throw the Nancy Pelosi talking points in the garbage can and start working across the aisle to find a long term solution for college students." - NRCC Spokeswoman Katie Prill
Background:
Last Month, Bustos Voted Against A Bill That Would Have Prevented Student Loan Rates From Doubling. (H.R. 1911, Vote #183, 221-198, 5/23/13)
The House Bill "Echoes A Plan Obama Offered In April." "[T]he Republican bill echoes a plan Obama offered in April to tie interest rates to the yield on the 10-year Treasury bill, rather than setting them via an act of Congress. (Nick Anderson, "House Approves Republican Student Loan Bill," The Washington Post, 5/23/13)
Student Loan Rates Doubled On July 1st. " The legislation responds to a looming deadline: On July 1, unless the law is changed, rates for a certain type of new loan for undergraduate students in financial need will double to 6.8 percent, from 3.4 percent." (Nick Anderson, "House Approves Republican Student Loan Bill," The Washington Post, 5/23/13)
