(Press Release) WAUSAU — US Senate candidate Tammy Baldwin once again called on Congress to stop extend student loan interest rates from doubling aid, legislation that which would impact 8,458 Wausau Area students. In Washington, Congressional Republicans continue to block action that would prevent student loans rates from doubling. If Congress fails to act, 8,458 students in the Wausau area and 167,480 students across Wisconsin will be forced to pay nearly $1,000 more for student loans.
“It is outrageous that Congress would play political games with student loans that are helping 8,458 Wausau area students achieve an education,” Baldwin said, “If Republicans in Congress don’t reverse course and quit standing in the way of student loan legislation, these students will be forced to pay nearly one thousand dollars more for their student loans. That is simply unacceptable. I will continue to fight up the very last second before the deadline to ensure these Wausau area students are not forced to pay for political games in Washington.”
On July 1, student loan interest rates are set to double from 3.4% to 6.8% and Congressional Republicans have blocked action to prevent preventing student loan interest rates from doubling for over 160,000 Wisconsin students.
In the Wausau area alone, 8,458 students will see their student loan interest rates double, increasing each student’s debt by nearly $1000. The average college debt in Wisconsin is $24,627 and 67% of students in our state carry a student loan debt.
Baldwin has previously proposed a solution that would freeze interest rates at their current rate by implementing the “Buffett Rule” to make wealthy millionaires and billionaires pay their fair share in taxes in order to fund the Stop Student Loan Interest Rate Hike Act and relieve the burden of student loans on Wisconsin students. All of the Republican candidates for US Senate in Wisconsin have opposed the “Buffett Rule” and support tax cuts for millionaires and billionaires.
“We can keep interest rates low and provide students a fair shot at an affordable education, by making wealthier individuals pay their fair share in taxes. Unfortunately, rather than working together to ensure interest rates on student loans don’t double, the Republican Congress has decided to play political games,” said Baldwin.