Columbus - Today, the College Democrats of Ohio released a letter signed by eleven chapter leaders admonishing Ohio Senator Rob Portman for his vote against legislation that would have prevented student loan interest rates from doubling on July 1.
"Time is running short," the chapter presidents wrote in their letter. "Unless Congress takes action by July 1, subsidized student loans are set to double from 3.4 to 6.8 percent. In Ohio, nearly 380,000 students would see their interest rates increase, totaling $295 million for just one year of borrowing.
"This increase is unsustainable, unconscionable, and wrong. That is why the College Democrats of Ohio are discouraged to learn that [Portman] voted against legislation that would have prevented this increase from taking place."
Last Tuesday, Portman joined fellow Senate Republican leadership in blocking a proposal that would have kept student loan interest rates at their current 3.4 percent. By contrast, President Obama has traveled the country urging Congress to take immediate action to prevent this dramatic increase.
"[President Obama's] position could not be more at odds with Republicans in Congress and the presumptive head of the Republican Party, Mitt Romney. Mr. Romney is a staunch supporter of Rep. Paul Ryan (R-Wisconsin's) budget plan, which would force more than 7 million students to pay almost $1,000 in cost over the life of that loan," the College Democrats wrote.
The full text of the letter, which can be found below, was signed by chapter leaders at the University of Dayton, Kent State University, Ohio University, Kenyon College, Oberlin College, University of Toledo, University of Cincinnati, Cleveland State University, The Ohio State University and Bowling Green State University.
The Honorable Rob Portman, United States Senate
Dear Senator Portman:
We are writing today to discuss an issue of grave importance for hundreds of thousands students across Ohio - the impending interest rate hike for government-backed student loans.
Time is running short. Unless Congress takes action by July 1, subsidized student loans are set to double from 3.4 to 6.8 percent. In Ohio, nearly 380,000 students would see their interest rates increase, totaling $295 million for just one year of borrowing.
This increase is unsustainable, unconscionable, and wrong. That is why the College Democrats of Ohio are discouraged to learn that you voted against legislation that would have prevented this increase from taking place.
If you want the next generation to have the skills to be competitive in this job market, they need to be given the tools to succeed. College students across Ohio are not asking for a hand out - we are merely asking that interest rates on student loans stay where they are.
We are fortunate to have a leader in the White House who has a deep understanding of the struggles that so many Ohio students face in paying off student loans. President Obama and First Lady Michelle Obama went to college on loans and worked to finally pay them off in January 2004.
That is why the President has a strong record of helping students pay for college. He has expanded Pell Grants, helping nearly 4 million more students afford college. He capped federal student loan payments at 10 percent of monthly income, which will help over a million students manage their monthly payments.
This position could not be more at odds with Republicans in Congress and the presumptive head of the Republican Party, Mitt Romney. Mr. Romney is a staunch supporter of Rep. Paul Ryan (R-Wisconsin's) budget plan, which would force more than 7 million students to pay almost $1,000 in cost over the life of that loan.
The Romney-Ryan budget also makes massive new cuts to domestic programs. If these cuts are made across the board, they would slash funding for Pell Grants - costing the average student nearly $1,000 per year and would eliminate work study opportunities.
Senator Portman, the pending increase will hit every student, regardless of their political party. It is in that vein that we ask you to buck the trend of your party and support commonsense legislation that would prevent student interest rates from doubling. It is your responsibility as our Senator to ensure that that 380,000 of your constituents aren't potentially forced out of school due to a crippling interest rate hike. We ask that you do what is right for Ohio's students and not for your party that seems to be more interested in preventing the president from getting a "win" than doing what is right.
The future leaders of Ohio depend on it.
Sincerely,
Daniel Rajaiah
President, College Democrats of Ohio
President, University of Dayton College Democrats
Bryan Staul
President, Kent State University College Democrats
Shannon Welch
President, Ohio University College Democrats
Matthew Metz
President, Kenyon College Democrats
Arielle Swernoff and Jesse Vogel
Co-Chairs, Oberlin College Democrats
Heather Engle
President, University of Toledo College Democrats
Dan Traicoff
President, University of Cincinnati College Democrats
Mike Bobincheck
President, Cleveland State University College Democrats
Mallory Kimble
President, The Ohio State University College Democrats
Colleen Ryan
President, Bowling Green College Democrats
