Unless Congress acts, interest rates on federal student loans will double from 3.4 percent to 6.8 percent in July. House Republicans have been blocking efforts to prevent the increase, saying they will only agree to do so if Democrats gut a preventive health care fund.
The House Republican budget — authored by Budget Committee Chairman Paul Ryan (R-WI) — called for allowing the increase to occur. The House Republican budget also calls for cutting nearly one million students off of Pell Grants. But in an op-ed Ryan wrote over the weekend for the Wisconsin State Journal, he claimed that Republicans are just attempting to tackle “tuition inflation” with their plan for student loans.Ryan managed to write the entire op ed column without ever mentioning the coming increase in the interest rate.