Attention, current college students and recent college graduates: Recently, total student loan debt surpassed credit card debt in the U.S. with a debt of more than one trillion dollars. Senator Harry Reid, a Democrat from Nevada, wants students to pay more. A bipartisan plan that would keep student loan interest rates from doubling from 3.4 percent to 6.8 percent is on the table and ready to be passed. But according the Associated Press, Sen. Reid said it would never pass, and is unwilling to consider it for a vote. The bill needs to be passed and signed into law by July 1, or student loan interest rates increase.
This is important to college students on both practical and philosophical levels. First the practical, the obvious point is that rates will increase. Paying a projected extra $2,600 on average does not help these college graduates. First-time homeownership (an area typically dominated by college grads) has also slid, and this rate increase may affect this too. Next philosophically, Sen. Reid tells recent college graduates and current students that they will pass legislature in their favor. So why is Sen. Reid unwilling to see it through before the July 1 deadline? One of the reasons is because Republicans support the bill. Reid is unwilling to let anything with strong Republican support be heard on the Senate floor. That is why Republican-led House bills (including several budgets and debt crisis solutions) never surface when they reach Senate. Sen. Reid decides the agenda, and if he does not like it, it will not be voted on.
Young Republicans face the same issues as college grads: they worked hard, they continued their education after high school and are paying their debt. If voters allow Sen. Reid to table this bill student debt rates will increase. Call Sen. Reid—let him know you are not happy.