Lowey Calls for No Interest Rate Hike
If Congress does not extend student loan interest rates, a lot of students may not be able to go to college.
On Wednesday, Congresswoman Nita Lowey (D-Harrison) spoke at SUNY Purchase, demanding that Congress protect against a potential rate increase that would see interest rates double from 3.4 percent to 6.8 percent on July 1.
“Making higher education more affordable for young people is one of the smartest investments we can make,” said Lowey. “It is outrageous that Congress is dragging its feet rather than acting immediately.”
At SUNY Purchase, 53 percent of students take out student loans for their education.
“Making low-interest loans is a national imperative and an investment in our future,” said Thomas J. Schwartz, president of SUNY Purchase.
The interest rate hike was included in a March 2012 budget passed by the House. Lowey also criticized the budget for cutting Pell Grants and eliminating a federal work study.
“At a time when Americans need greater levels of education and training, we should be making it easier for students to afford college,” Lowey said.
Lowey said that Republicans are simply out of touch with what students grapple with when trying to pay for secondary education.
“Republicans don’t know people who can’t go home to mom or dad and ask for more money,” Lowey said.
Lowey was flanked by students who spoke about the damaging impact the loan increase would have and said they are concerned that in order to get a good education they’d have to spend years paying it back.
“The fact that the cost of college might increase worries me,” Sophomore Robert Boyd said. “It’s worrisome to say the least.”
Adam has worked in the local news industry for the past two decades in Westchester County and the broader Hudson Valley. Read more from Adam’s author bio here.
