WASHINGTON, D.C. - U.S. Senator Daniel K. Akaka (D-Hawaii) released the following statement after the Stop the Student Loan Interest Rate Hike Act of 2012, which would prevent the doubling of the interest rate on Stafford loans for students by closing a tax loophole for the wealthy, was again blocked by a minority of his Senate colleagues. 

"We cannot afford to leave tax loopholes in place for a few of the wealthiest Americans at the expense of young students who face increasing tuition costs and mounting debt.  I call on my colleagues who voted against this bill to work with us to find a reasonable way to provide students with affordable options to earn a college degree.  As a former educator, I believe that we must encourage students to pursue higher education rather than protect wealthy Americans using loopholes to lower their taxes.  The student loan debate is not over and I am committed to working in the Senate to ensure that no one who is motivated to earn a college degree is kept from that opportunity because they cannot afford it."