Richmond, VA - Former governor and U.S. Senate candidate Tim Kaine today released the following statement calling on Congress to extend the 3.4 percent interest rate for Stafford student loans. The loan interest rates are set to double on June 30, 2012:
“If Congress fails to act within the next ten days, student loan rates will double for more than 177,000 Virginians and make education more costly to young people seeking to improve their skills. As our economy continues to recover, the last thing we should do is make it increasingly difficult and expensive for our youth to get a higher education. We cannot hope to maintain our competitive edge if we continue to see a decline in educational attainment.
“As Governor, I worked across the aisle to make significant investments in higher education facilities and directed millions in student aid to ease tuition costs for folks across Virginia. As Senator, I will continue to support programs like Pell Grants that increase the availability of higher education for youth and expand opportunities for each Virginian to reach his or her potential. Congress should put partisanship aside and move swiftly to ease the minds of millions of young people across the country and pass an extension of these rates right away.”