Tierney E-Alert: Time is Running Out to Stop the Rate Hike
Recently, I emailed you to let you know about my bill, the Stop the Rate Hike Act of 2012, which would prevent the student loan interest rate from doubling on July 1st for more than 7 million middle class students nationwide. Since then, I have heard from hundreds of area students, parents, and grandparents who have shared their concerns about the rising cost of college with me in person, on my Facebook page, and on the virtual "Wall of Debt" on my website.
I wanted to let you know that my office compiled all of the stories that have been shared with me and, last week, I took your stories—and the "Wall of Debt"— to the House floor. You can click here to watch a video of my speech in the U.S. Capitol.
I had hoped that my colleagues on the other side of the aisle would see how many of you had shared your stories and get serious about addressing the student loan issue. Instead, House Majority Leader Eric Cantor, who determines the legislative calendar for the House, noted earlier this week that he believes "serious legislating is all but done until after the election."
That is why I spearheaded a letter to Majority Leader Cantor asking him to get serious about ensuring that the student loan interest rate doesn't double on July 1. More than 100 Members of Congress signed on to my letter. I understand how the doubling of student loan interest rates would impact you and your families, and I believe that you deserve a real effort from Congress to put our middle class families and students first. It is irresponsible to let the interest rate double, especially at a time when college costs are skyrocketing and our economy is still recovering.
Please feel free to forward this email to let your friends and family members know that time is running out – I will continue to collect your stories and use them to push Mr. Cantor and others in congressional leadership positions to prevent this from happening. In the meantime, rest assured that I will continue fighting to make college more accessible and affordable for all who wish to attend.
John F. Tierney
Member of Congress