WASHINGTON – U.S. Senator Chris Coons (D-Del.) released the following statement on his vote on the motion to proceed to S. 2343, the Stop the Student Loan Interest Rate Hike Act of 2012. The vote failed, 52-45.
“The staggering gap in the unemployment rate between Americans with college degrees and Americans without them makes it imperative that Congress act to make higher education more accessible. When it comes to higher education, affordability is accessibility for many students, and if we want American companies and American workers to compete and win in the global economy, we have to help our young people afford higher education. Getting the higher education necessary to get a good job in this economy simply should not leave our young people buried under a crushing mountain of debt. We can’t afford it. Today the total amount of student loan debt held in this country eclipsed $1 trillion, and with the interest rates on federal student loans set to double this summer, it is important that Congress begins to confront this problem. The vote we took today to proceed to the Student Loan Interest Rate Hike Act could have been a first step – the first of many – in a journey to make college more accessible and affordable. The cost of a college education is on an unsustainable track, and we must take steps to lower theamount of money students are forced to borrow to pay for their degree. ”
###