Congressman Larry Bucshon Votes to Reduce Student Loan Debt Burden
Washington, DC, April 27, 2012
Congressman Larry Bucshon (IN-08) released the following comment after voting for a one year extension of the current interest rate on subsidized Stafford Loans made to undergraduate students. The bill, H.R. 4682, the Interest Rate Reduction Act, passed the U.S. House by a vote of 215-195.
Congressman Bucshon (IN-08) states:
“With recent college graduates facing the highest unemployment of any group of citizens, further burdening them by doubling the interest rates on their student loans is unthinkable. With the cost of college increasing, I understand how necessary student loans are for those striving to receive an education. In fact, I utilized student loans to help fund my education while attending medical school. This money should not be used for the unconstitutional Obamacare, but rather to help our nation’s students and make an investment in America’s future.”
The Interest Rate Reduction Act will freeze the current Stafford Loan interest rate at 3.4 percent for one year to prevent the interest rate from doubling on July 1, 2012.
The extension is paid for by repealing Obamacare’s Prevention and Public Health Fund, a multi-billion dollar slush fund for the President’s disposal. In February, 147 House Democrats voted to cut $5 billion from the ObamaCare prevention fund as a pay-for for the payroll tax holiday extension. Even President Obama included a $4 billion cut to the “slush fund” in his Fiscal Year 2013 budget request.