Loans and Lungren

Loans and Lungren

It was no surprise that Rep. Dan Lungren (R-Gold River) voted in lockstep with House Republicans last week to block a piece of legislation that would have stopped the doubling of student-loan rates for 7 million students across America. The bill would have done this by ending taxpayer subsidies for Big Oil companies.

The Stop the Rate Hike Act of 2012 would have kept interest rates on certain “need-based” student loans at 3.4 percent for 2013, saving students an average of $1,000 in overall loan-repayment costs. (Two-thirds of all college students graduate with student-loan debt; the average money owed is about $25,000.)

Why are we not surprised by Lungren’s choice?

Because, sadly, he’s done it before—voted against student loans and Pell Grants while voting for measures that defend tax breaks for the rich.

If the House doesn’t reconsider and act on this matter in the next few days, more than half a million Californians carrying student loans will soon experience the rate doubling.

It’s not smart. It’s not fair. And Lungren, you must know it’s not working.