Nancy Pelosi

Washington, D.C. - House Democratic Leader Nancy Pelosi, several House Democrats, and college students from across the nation attended a rally today in the Capitol to call on Republicans to reverse the raid on student aid.  On July 1, interest rates on student loans will increase for millions of students who do not lock in lower rates on outstanding loans.  Below are Pelosi's remarks as prepared: 

"I am proud to be here today with Congressman George Miller, 30-Something Working Group Members Congressman Kendrick Meek, Congressman Tim Ryan, Congresswoman Debbie Wasserman Schultz, and American University student David Dailey and college students from across the country.

"Higher education is the single best investment our young people can make in themselves; it is the single best investment families can make in the success of their children; and it is the single best investment our nation can make in its future.  Yet, financial barriers will prevent 4.4 million high school graduates from attending a four-year public college over the next decade and will prevent another 2 million high school graduates from attending any college at all.

"House Democrats have joined today with college students and young people from across the country to say it's time for a New Direction for America.

  Fundamental to our New Direction is broadening opportunity by addressing the soaring costs of higher education.  Higher education is more expensive than ever, but it's also more essential than ever.  The future of our young people and our nation depend upon ensuring that all who are qualified for higher education have the opportunity to pursue it - it's time for a new direction. 

"Last February, in their immoral budget, Republicans raided federal student aid programs by $12 billion and raised interest rates on college loans for parents and graduate students.  Now on July 1, in just 10 days, interest rates on outstanding college loans will spike almost two points, and young people and their parents will feel the pinch.  That's unconscionable.

"Our New Direction means broadening opportunity by addressing the soaring costs of higher education.  We will begin by making tuition tax deductible and cutting the interest rates of student loans in half. For the average college student graduating with $17,500 in college debt, cutting interest rates alone would save them $5,600.

"There is no better investment we can make in the future health of our nation than investing in your education.  Unfortunately, Republicans are trying to take us in the wrong direction - making college more expensive and putting it out of reach for too many bright young people.  It's time for a new direction."