June 06, 2013

SENATOR MAZIE K. HIRONO VOTES TO STOP STUDENT LOAN INTEREST RATES FROM DOUBLING ON JULY 1

WASHINGTON, D.C. -- Senator Mazie K. Hirono released the following statement after voting for a Democratic proposal to keep student loan interest rates from doubling on July 1 and against a Republican plan that would saddle students with even more debt:

Education isn’t just the clearest path to economic opportunity in this country; it’s one of the best investments we can make in our economy. That’s why I voted for the Democratic plan to keep student loan interest rates from doubling without adding to the deficit.

If Congress does not act by July 1, over 17,000 student loan borrowers in Hawaii will see their interest rates double and owe almost $1,000 more next year. The bill offered today by my Republican colleagues is an even worse option, saddling students with even more debt than if interest rates doubled.

We should not try to balance our budget on the backs of students who are trying to make better lives for themselves, and I hope my colleagues on both sides can come together to avoid student loan interest rates from doubling.