Blog: Keeping College Within Reach

Statement

The cost of a college education is steadily moving beyond the grasp of many American families. Too many of our young people are finding themselves without the means to pay for the higher education they wish to pursue.

Last week, I joined more than 300 of my colleagues to pass a bipartisan compromise that will keep student loan interest rates from permanently doubling. The deal both sides struck is not perfect--there are aspects I wish were different, but that's the nature of compromise. Both sides made concessions, and ultimately we were able to strike a deal that is good for our students.

Importantly, this compromise will lock in the rate at the beginning of the loan for the life of loan, giving students and families the certainty they need to plan their financial futures and make informed, thoughtful decisions. This certainty will also help our academic institutions as they plan their financial aid programs. I've consistently said that uncertainty is crippling in tough economic times, and the assurances this deal provides students, parents and schools are critically important.

This deal is not perfect and we must still work to address the ever-rising costs of higher education, but I am pleased to know that compromise is still possible. The seriousness and determination with which we tackled this issue must be replicated when addressing our other pressing challenges. I'm ready to work together and break through the gridlock, and I hope this deal is an indication that more of my colleagues are ready too.

-Brad

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