| Hold Down Student Debt Rates, for the Good of U.S.
The keys to the American dream in the 21st century start with a college education. Unfortunately, the cost of higher education continues to become increasingly out of reach for too many students. Everyone agrees this is a trend that needs to be reversed, however, if Congress doesn't end the partisan gridlock and act soon, the interest rates on federal loans will double July 1. This would be disastrous for our nation's students and their families, who are doing nothing but working hard, playing by the rules and meeting the requirements asked of them. America is home to the best colleges and universities in the world, and our most precious natural resource is our students. Our community and technical colleges are preparing more students every day with the skills they need for the new jobs of the new economy. Just two years of additional education or training can change a person's life with higher income throughout their career, keep families on stable ground and help grow our entire economy. 
If we are going to maintain our competitive edge and out-innovate, out-educate and out-build the global competition — it is these students who will lead the way in creating new economic opportunities as we rebuild our economy. I believe their promise is unlimited, but today's students are starting off too far behind as it is — paying tuition that has tripled over the last 30 years, and entering a job market unlike any before this. Young adults suffer from the highest unemployment rate than anyone else in America at 16.3 percent — almost double the national average. Those lucky enough to land a job in this tough market are earning less than any other age group, with wages falling 6 percent over the past five years. Instead of finishing college and staking their own claim, they are moving back in with their parents. Already, student loan debt in the U.S. has topped $1 trillion, even higher than credit card debt. This is a major economic issue that Congress must address in a bipartisan fashion. In 2010, graduates who took out loans left college owing an average of more than $25,000. Fifteen million students benefited from the action Congress took five years ago to lower interest rates on Stafford Loans each year to a low and manageable rate of 3.4 percent. Now, Congress needs to act again to keep interest rates from doubling to 6.8 percent. If we do not, 7 million students will pay an average of $845 more each year in added interest, including more than 420,000 students in New York who will have to pay an additional $340 million starting July 1. That's an extra $6.3 billion in debt in just one year. When we price young people out of a college education, we all pay a price. When we limit opportunity, we hold our entire country back — robbing ourselves of a future engineer or biologist. We need young people today to be the ones who develop the next big ideas that spark new businesses, create the jobs of the future, and reach the next great scientific breakthrough capable of curing humanity's oldest and deadliest diseases, saving lives and improving lives for generations to come. American exceptionalism relies on our ability to equip our students with knowledge and opportunity to achieve their full potential, and more importantly, to take our country to new heights. That starts by making college more affordable, opening the door of higher education for any young person who is willing to work their hardest and earn it — allowing them the same opportunities for success as those who were born into it. Congress shouldn't stand in their way of getting a fair shot at the American dream. It is time to change the rules of student loans to reward hard work and responsibility — instead of risk. We all know the consequence we face. And we all know the one simple step we can take right now to begin to rein in the massive amount of student debt this nation carries. There is no excuse for inaction. So instead of putting the fate of our young people's ability to pay for college and pursue their dreams in the hands of partisan politics, let's take this commonsense step today to hold down interest rates on student loans. Kirsten Gillibrand is a Democratic senator from New York. | 
