Each candidate in the race for Kentucky’s Third Congressional district – John Yarmuth and Michael Macfarlane(did not respond) – was given the opportunity to respond to a candidate questionnaire. The following is the response of the Democratic candidate, Congressman John Yarmuth:
What do you think your plan and vision offers college students?
We should be creating opportunities for America’s brightest young people, not saddling them with debt. The average student loan debt right now in America is $30,000, and students and families in Louisville and across the nation are paying interest rates as high as 12 percent on private college loans. For a recent college grad trying to begin a career, start a business or continue to pursue their education, that’s a hardship they shouldn’t have to face.
Students and their families should be allowed to refinance those loans at lower interest rates currently offered to new borrowers, and I am cosponsoring legislation, the Bank on Students Emergency Loan Refinancing Act – to do just that. The average student carrying $30,000 in debt would save $4,000 under this legislation, which Congress should approve immediately.
In addition, I believe students borrowing money from the government for college should have the same favorable interest rates as big banks. That is why I am cosponsoring H.R. 1979, the Bank on Student Loan Fairness Act, which would set interest rates on federal loans for undergrads at the rate given to banks at the discount window of the Federal Reserve.
Inexplicably, Republican leaders in Congress have blocked both of these bills from becoming law.
Congress should be doing all we can do to grow our economy, jumpstart the middle class, and empower Louisville families to be successful. That begins by expanding access to education at every level, and I am proud to support strong, sensible policies to accomplish that goal.
Why should college students vote this November?
Americans – particularly young people – are frustrated with Congress, and they have every right to be. For the past four years, we’ve operated under a Republican House majority that has shut down the government and cost taxpayers billions of dollars, voted more than 50 times to repeal or undermine the health care reform law, and approved a bill to sue the President for doing his job. They have routinely ignored legislation supported by huge majorities of the American people: ending tax breaks for companies that ship U.S. jobs overseas, raising the minimum wage and making college more affordable, rebuilding our crumbling infrastructure and reforming our broken immigration system.
Our nation faces big challenges, but we also have great opportunities before us. We are climbing out of the deepest recession since the Great Depression, but by and large, the wealthiest among us are the ones truly benefitting, and the income gap in America is as wide as it’s ever been. We have dramatically increased consumer protections and expanded access to affordable, high-quality health care – particularly in our Commonwealth, where more than 500,000 Kentuckians have obtained insurance through Kynect, the state’s Affordable Care Act marketplace. But there are still Kentuckians who are uninsured.
We have significantly improved infrastructure and broadband technology, and yet our roads and bridges are crumbling, and tens of thousands of Kentuckians still lack Internet access at home. And as a college degree is more critical than ever in determining future success, we see costs continuing to climb – and an unresponsive Congress.
The only way to change that, and to refocus Congress on the priorities we share here in Louisville and across the nation, is to participate in the process. I encourage you to make your voice heard in November, and I hope I can count on your support.
