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Congressman Tom McClintock

Representing the 4th District of California

HR 4628 - Student Loan Subsidies

April 27, 2012

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HR 4628 – Student Loan Subsidies: NO.  Tuition is rising at four times the rate of inflation specifically because of the billions of dollars of subsidies that the government is pumping into that market.  Then, under the guise of “helping” students pay for these government-inflated prices, we offer them below-market student loans that they can’t possibly repay.  The result is an economy where student loans now exceed consumer credit card debt and one out of two college grads can’t find a job.  Meanwhile, they’re left to struggle with catastrophic debt that the government has lured them into acquiring with teaser rates.  As the father of two college students myself, I believe the best way we can help these students and their families is to bring tuition costs back down to earth by getting the government out of the market.  Instead, this bill continues to pump up a trillion-dollar debt bubble that will someday burst with devastating results.