163,427. 24,627. 9.
That’s the number of Wisconsin students with loans in the upcoming school year (163,427), the average student debt for Wisconsin students ($24,627), and Wisconsin’s ranking of students graduating with student debt (9).
But there are other numbers that matter just as much – 6.8 and 128,435,544.
On July 1, unless Congress acts immediately, interest rates for students will double to 6.8%, increasing interest payments by Wisconsin students at the new rate from just one year of borrowing to $128,435,544.
These sobering numbers are the latest evidence of Congressman Paul Ryan’s failure to ensure affordable access to higher education for students in Wisconsin and around our country.
In addition to pushing for student loan interest rates to double on July 1, Congressman Ryan authored a budget that reduces both the number of Pell Grants available to students as well as the loan amount itself. While House Democrats offered a solution by keeping interest rates at 3.4% by closing loopholes used exclusively by Big Oil, Paul Ryan and House Republicans refused, once again putting their major campaign contributors ahead of American families.
According to his recently released financial disclosure statements, while Congressman Ryan’s plans to double the interest rates from 3.4% to 6.8%, two of his own children will be spared. The statements show that Congressman Ryan has invested in educational savings accounts for two of his three children, worth up to $350,000. That’s enough to pay undergraduate tuition at the University of Wisconsin-Madison for 30 years. How many other Wisconsin families can do that?
At a town hall event last year, Congressman Ryan told a district student that he should work three jobs while attending school and take out private loans to go to college. Congressman Ryan showed once again that he simply doesn’t understand, or worse – doesn’t care about – what families here in Wisconsin are facing.
The only way many students, myself included, afford a higher education is through programs like Pell Grants and Stafford Loans. I understand intimately how important these programs are – they were the only way I was able to get an education, go on to own two small businesses and live my version of the American Dream.
I grew up in a poor family and while my mother worked hard to keep the roof over our heads, sometimes it wasn’t enough. I knew that I wanted to be my own boss and that I needed an education to do that. Because our government gave me a hand up – not a hand out – I was able to go on and start two small businesses. Running these companies gave me real-life budgeting experience, unlike Congressman Ryan. I had to write responsible budgets that balanced benefits and the bottom-line. I took care of my employees, they took care of me and together we took care of our customers.
If we allow Congressman Ryan to continue to make it more difficult for young people to get a higher education he will stall our economic recovery as fewer future small business owners and entrepreneurs will be able to live their version of the dream like I did.
There is not enough tax revenue to pay for all of this. You are entitled to nothing but a balanced budget. You don't even come close to paying enough in taxes to pay for what you take. You can thank the rich and businesses you demise so much for that luxury which is now vastly overspent. Folks like Paul Ryan are trying to tell you it's going to come to an end here fast unless we do something now. And you stand there with your fingers in your ears saying la la la la la evil corporations la la la la ALEC la la la
As a matter of fact, we have an over abundance of degreed citizens out of work because there are no jobs in their field. Somehow we have created a generation of everyone thinking they have to go to college to be successful, yet all the job openings seem to be in the trades. Those employers can't find the bodies to fill the positions. So if you think that it is my responsibility to afford someone else's success, than you are completely out-of-touch. Judging from some of your other ideas, I think I'm not that far off on my assessment. Just come out and say it; you want to tax us more so you can buy votes from those that think government is there to make their lives easier. Just like Barrett, you won't because you know that will blow any chance you have (not that you really have one). That is the difference between Paul Ryan and a wannabee like you. He actually has a plan, and even though it is not poular with the freeloaders, he will stand by it. You on the other hand, have a plan to raise taxes, and can't own up to it.
But from your own words we have a conflict at the core of our values and beliefs... You think the government is "designed to serve the needs of all citizens"... We must use a different definition of what true needs are and you apparantly want a socialist government which in fact is NOT how our government was designed. What I have earned is the paycheck I receive each week. You're right, Paul Ryan has a comfortable salary paid to him by his job in our government to which he was elected by the citizens. If you or anyone else would like the pay, responsibility and public intrusion of both your life and that of your family you are free to apply during the next election cycle. Good Luck!
“H.R. 4628 – Interest Rate Reduction Act In January 2007, Democrats chose temporary relief over lasting solutions on college costs. In an attempt to fulfill a campaign promise, the new House Democratic majority passed legislation to phase-in reductions to interest rates on certain student loans. Under that law, students with certain loans issued for the 2011-12 school year received a 3.4% rate. This rate was only in effect for one year and is scheduled to return to 6.8% in July 2012. Because students should not pay the price for the failures of those congressional Democrats who structured the law as they did, with a sudden expiration date and no plan for what might come next, the current House Republican majority passed H.R. 4628, which extends the 3.4% rate for another year and pays for it by reducing a slush fund in the President’s health reform law- a fund that the President has suggested cutting in both his Fiscal Year 2013 Budget and his September 2011 deficit reduction proposal. Moreover, House Republicans have presented the President with two additional proposals to pay for a one-year extension of the interest rates with policies that have had bipartisan support in the past. I remain hopeful that the Senate and the President will take action on H.R. 4628 so it can be signed into law prior to the July 2012 deadline.”
http://paulryan.house.gov/News/DocumentSingle.aspx?DocumentID=296286
Did Zerban miss the Walker recall election, as such a campaign strategy completely failed Barrett and was rejected by the people of Wisconsin en mass!?!?
I love the lies of the Right. H.R. 4628 is classic RWNJ hostage taking. It was a joke of a bill that had no real intent other than to defund ACA. It gives RWNJ's a rally point..."See Rep Ayn Ryan voted to reduce interest rates" ...no, Ryan voted to defund ACA. I hope we will see a vote on student loans this week. There is actually a rumor it might just be bi-partisan. Wouldn't that be refreshing.
on both sides of the aisle