House Minority Whip Steny Hoyer (D-Md.) said Thursday that he rejects Republican plans to prevent an interest spike for student loan recipients since it covers costs by making cuts to the Prevention and Public Health Fund included in the Affordable Care Act.
“I believe there are ways we could do so without eliminating important public health funding,” Hoyer said in a statement. “Such as ending unnecessary tax breaks for big oil companies making record profits.”
Without congressional action, interested rates for Strafford loan recipients will double from $3.4 billion to $6.8 billion by July 1st. President Barack Obama has recently traveled to several universities urging Congress to mobilize.
Extending the break is expected to come with a nearly $6 billion price tag.