Running From The Student Loan Rate Hike

UPDATE: The Democratic Congressional Campaign Committee (DCCC) was quick today to go after Rep. Scott Tipton for his comments in favor of keeping Stafford Loan interest low–right after voting for a budget that doubles the rate. From their release, titled “Tipton vs. Tipton”:

“Now that he’s more concerned with his own reelection than helping create jobs or lower gas prices for Colorado, the best way to know where Congressman Scott Tipton stands on an issue is to check which way the wind is blowing,” said Stephen Carter of the Democratic Congressional Campaign Committee.  ”After voting for a plan that would double young Coloradans’ interest rates, Tipton is now calling for the opposite. Colorado deserves a Congressman who actually fights for them, not Scott Tipton who hypocritically votes for increasing student loan rates while calling for the opposite.”

Full text after the jump.

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We took note of a blog post from Allison Sherry, DC-based correspondent for the Denver paper yesterday, which reports that Colorado Republicans in Congress “don’t hate” President Barack Obama’s proposal to prevent the scheduled doubling of federally-subsidized Stafford Loan interest rates. In particular, Rep. Mike Coffman says he is working on a proposal to do just that.

We took note of this because Ms. Sherry appears to have been, well, misled.

As the Colorado Fair Share Alliance posted to our blog yesterday (sorry we missed this):

On March 29, Rep. Mike Coffman voted for the Ryan budget, which would cut Pell Grants that go to the neediest students and also assumes that interest rates on federally-backed Stafford loans will double. [Pols emphasis]

A bit of a problem, wouldn’t you say? It might be fair to say that Colorado Republicans support keeping student loan interest rates low now, but they were singing a different tune when they voted for a budget that plans on these rates going up just a few weeks ago. We mentioned support for the same Paul Ryan GOP budget plan as a complicating factor for Mitt Romney, who also said this week he supports President Obama’s proposal to keep the rates low.

Is it too much to ask for the full story? At some point, the GOP position on Stafford Loan interest has changed–was that in response to the President turning it into a campaign issue?

Because that’s not the same thing as “agreeing,” is it?


Tipton vs. Tipton: Tipton Complains His Own Plan to Double Student Loan Rates Leaves Students “Hanging Out to Dry”

Despite voting for a plan last month that would allow the interest rate for student loans to double and allow critical education programs to lose funding – a plan that is increasingly unpopular – Congressman Scott Tipton this week voiced hope that Congress can find a way to lower the interest rate.  According to Scott Tipton, Tipton’s own plan would cause students to suffer from what he now calls “unmanageable interest rates.”

“Now that he’s more concerned with his own reelection than helping create jobs or lower gas prices for Colorado, the best way to know where Congressman Scott Tipton stands on an issue is to check which way the wind is blowing,” said Stephen Carter of the Democratic Congressional Campaign Committee.  ”After voting for a plan that would double young Coloradans’ interest rates, Tipton is now calling for the opposite. Colorado deserves a Congressman who actually fights for them, not Scott Tipton who hypocritically votes for increasing student loan rates while calling for the opposite.”

Background

Tipton Voted for the House Republican Budget. On March 29, 2012, Tipton voted in favor of the House Republican budget. [H Con Res 112, Vote #151, 3/29/12]

Tipton’s Plan Would Allow the Interest Rate for Student Loans to Double. “There was wide agreement among members of Congress Wednesday that loans and grants are important, but there were questions about the $6 billion Obama proposal that would hold interest rates constant next year. Ryan’s budget would allow the rate to double as planned.” [Inside Higher Ed, 3/29/12]

Tipton’s Plan Cuts Critical Education Programs. Although the Ryan budget does not specify which programs would lose funding under his plan, assuming the $897 billion in cuts were distributed equally across the budget, the Department of Education would be cut by more than $115 billion over a decade and  9.6 million students would see their Pell Grants fall by more than $1000 in 2014. Over the next decade, over one million students would lose support altogether. [OMB, 3/21/12]

Now, Tipton Claims to Want Lower Student Loan Interest Rates. “Rep. Scott Tipton, R-Cortez, said he looked forward to finding ‘a spending offset’ so they continue with the lower interest rate. ‘Now this Congress must work together to pick up the pieces and ensure that young Americans aren’t left hanging out to dry with unmanageable interest rates,’ Tipton said.” [Denver Post, 4/24/12]

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10 Community Comments, Facebook Comments

  1. ArapaGOPArapaGOP says:

    You have no evidence that Coffman was not already working on this, or that Romney wouldn’t have backed it before Obama did. I don’t know anyone who wants to see higher student loan payments.

    • AristotleAristotle says:

      …or that Romney wouldn’t have backed it before Obama did.

      That’s like saying that no one had any evidence that the NY Giants would score more points than the NE Patriots in the Super Bowl. Why? Because whoever stakes the position first gets the credit for having the courage to back it. Not the guy who waits, who looks like a waffler – a lifelong problem for your guy.

    • AristotleAristotle says:

      you’re asking Pols to prove a negative, which is disingenuous.

    • rocco says:

      Video footage……..remember mittens and “no cheap money for you”, with the “am I mean enough?” tone and all?

      And when he did bring it up at the campaign appearance, as an after thought, it was a comedy of errors, with him leaving the stage, coming back when he was reminded about it, and then not even knowing what a Stafford is, what the rate is and is going to, and just a botched job by a guy that couldn’t care less about what it takes to borrow your way through an education.

      What are you thinking?

      Now with green zone runnin’ from this teabag nightmare, I’m really thinking the CD6 red to Blue category’s legit.

      He wouldn’t in a safe district.

         

    • ajb says:

      Romney said he supported the Ryan budget the day it was unveiled.

      “I applaud it,” he said. “It’s an excellent piece of work, and very much needed.”

      http://www.vpr.net/npr/149564923/

      Another demonstration that Arap can’t touch a keyboard without typing a lie.

      • ArapaGOPArapaGOP says:

        So the budget is the only bill that Congress ever passes?

        They can pass a budget and another bill. While chewing bubble gum if they want. Amazing, isn’t it? The things that upset Democrats amaze me, like when Republicans try to agree with them. Don’t you ever reward the finding of common ground?

        • Fidel's dirt nap says:

          and the interest rates on these student loans will double.  Obama is just helping students see what a bunch of hapless losers this Congress is in terms of actually helping anyone other than the rich.  Tee it up.

        • rocco says:

          They’re trotting out a trojan horse. They got cornered on the student loan issue and they’re back peddling.

          The “offsets” to extending the Stafford rate of 3.4 will come from what that sack of bile Boehner calls a “slush fund”

          He is despicable.

          That “slush fund” in the ACA is the money held for cancer prescreenings for women.

          Boehner never felt tax cuts for millionaires needed to be “offset”. But an extension to the Stafford loans’ low rate has to be paid for by “offsets”.

          Are you following this, agop?

        • baaramewe says:

          Will lose funding after 2012

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