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(Washington, D.C.) After the U.S. House Education and Workforce
Committee approved the largest cuts to student aid programs in history,
U.S. Representatives Vic Snyder (AR-02), Marion Berry (AR-01), and Mike
Ross (AR-04) sent a letter to House Leadership requesting immediate reconsideration
of the proposed cuts. The proposal would eliminate $14.3 billion from student
aid programs over five years.
The committee found $14.3 billion in cuts by proposing to raise student
loan interest rate caps, taxes on student loans, interest rates on consolidation
loans, and reduce subsidies to student lenders. These cuts would force
the typical student with a $17,500 college loan to pay about $5,800 more,
and would likely deter many individuals from seeking higher education.
In Arkansas, these changes would impact as many as 58,768 individuals who
have a pending student loan.
“Investing in our young people is important,” said Congressman Vic Snyder.
“As tuition and student debt continue to rise, Congress should be helping
make a college degree more affordable, not more difficult to achieve. Together,
America can do better for our students.”
“While I understand the need to get our fiscal house in order, I cannot
support a proposal that makes cuts to critical programs while also extending
tax cuts for the wealthiest Americans" said Congressman Berry. "I see no
reason to make students pay the price so millionaires can have an extra
couple of dollars in their pocket. This budget reconciliation process is
nothing more than a front to pull the rug out from under hard-working Americans."
“This year’s budget includes over $70 billion in tax cuts,” said Congressman
Ross. “It’s about priorities. Tax cuts are being provided for the
wealthy while important programs that directly impact the poor, the disabled,
and the elderly are being slashed. We should not be asking America’s
students to sacrifice their future in order to offset today’s tax cuts
for the wealthy.” |
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