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Health & Fitness

Standing Up For College Affordability

This Saturday, I will have the honor of addressing the graduating seniors of Shoreham-Wading River High School and Hampton Bays High School as they prepare to enter then next chapter of their lives. Graduation is an occasion to celebrate the achievements of the past and the potential of the future, which, for many, will include attending college.

The economic benefits of higher education are clear and dramatic: according to recent analysis by the Congressional Joint Economic Committee, as of the first quarter of 2013, workers with a bachelor's degree earned 68% more than workers with only a high school diploma. Also, the fastest sector of job growth in the future will be occupations requiring higher education and advanced training in fields such as technology.

However, the members of this year's graduating class entering college in the fall are facing significant uncertainty as they plan to finance their higher education. Unless Congress acts, the interest rate on subsidized federal Stafford loans--which accounted for over one-third of all student borrowing for the 2011-2012 academic year--is set to double from 3.4 percent to 6.8 percent on July 1. This rate increase would raise the cost of interest by $2,600 for the average borrower of those loans, with borrowers of the maximum loan amount facing $4,500 in additional interest.

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Experts agree that a higher interest rate for federal loans will lead to fewer college graduates and a greater number of loan defaults. In addition, those who do go on to earn a degree will likely forego purchasing a home, starting a family, and making investments due to their higher debt burden, further hampering growth.

When more American young people can compete successfully for well-paying jobs, our economy as a whole sees significant benefits. That's why the federal government has an interest in helping students finance their education in an affordable way. These programs are also a net benefit to taxpayers: Over the past five years, the federal government has made a profit of more than $120 billion in student loan interest repayments.

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I support legislation in the House of Representatives that will extend the current 3.4 percent rate for two years while Congress negotiates a reform to the program that will make it more fiscally sustainable over the long term. With the economy growing slowly and inflation low, this is the wrong time to make it more difficult for students to pursue the American Dream by investing in their education.

I have spent virtually my entire life working to increase access and affordability in higher education. The students I will speak to this weekend represent the future of our nation, and it is in our best interest to provide them an affordable path to a college degree and the many benefits it provides.

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