On July 1 student loan interest rates doubled thanks to inaction on behalf of the Senate. On May 23 the House passed the Smarter Solutions for Students Act which would have prevented an immediate doubling of interest rates on student loans. Unfortunately, the Senate adjourned on Thursday for its July 4 break without taking action.

Instead of having politicians constantly involved in setting interest rates, the House bill pegs the interest rate to the ten year Treasury note with a cap. This is similar to President Obama’s plan.

We have joined our House colleagues, who also represent college campuses — Congressmen Kinzinger, Roskam, and Schock — in tackling this major issue for young Americans.

Student loan debt is second only to home mortgages with a balance of nearly $1 trillion nationwide. The average student graduates with $26,000 in loans while many students have much higher levels than that.

House Republicans passed a bill. Senate Democrats did not even vote down our version; they didn’t vote on the issue at all. Thus, students will face higher interest costs.

John M. Shimkus,

Congressman (R-15) 

Rodney Davis,

Congressman (R-13)