Fitzpatrick: Takes Politics Out of Student Loans

May 23, 2013 Issues: Education

 

WASHINGTON, D.C. – Congressman Mike Fitzpatrick (PA-8) released the following statement Thursday following the passage of the Smarter Solutions for Student Loans Act [HR 1911] by at 221-198 vote:

“Today the House voted to take the politics and uncertainty out of student loans to ensure our economy will have the skilled workforce we need to grow and provide brighter futures for millions of Americans.  s

Politicians should not be involved in setting student loan interest rates- by structuring interest rates off a market based formula the House made a commitment to address the long term stability for families and college students. Even the president’s 2014 budget favors a market based approach.

Student loan debt has the potential to undermine economic growth.  This year, collective student loan debt topped $1 trillion.  More troubling, however, is the fact that wage growth has virtually stagnated despite an increase in average student debt.

It is time to get the cost of higher education under control while promoting access to all those who wish to pursue it.  Just as importantly, we need to focus on growing our economy to keep our skilled workforce employed in rewarding careers with a strong standard of living.”

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Congressman Mike Fitzpatrick is serving his third term in the U.S. House of Representatives. He represents Pennsylvania’s 8th district which includes all of Bucks County as well as a portion of Montgomery County. He serves as the Vice Chairman of the House Financial Services Subcommittee on Oversight and Investigations.