dnc_email_07004.txt

dnc-emails 1,328 words email

P17 P21 V11 P23 V16

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Immediate Release April 26, 2016 Contact: Sarah Zukowski, [email protected] Congressman Heck & Sharron Angle Get an ‘F’ for Failing Nevada Students Suffering From College Affordability Crisis Las Vegas, NV – Today, Nevadans were reminded that when it comes to solving problems for Nevada’s college students and graduates, Congressman Heck and Sharron Angle don’t even come close to getting a passing grade. Instead of addressing issues facing students like college affordability and student debt, Congressman Heck and Angle are only concerned with advancing their Party’s extreme agenda, even when it comes at the expense of Nevada students’ futures. Congressman Heck and Sharron Angle’s commitment to blindly pushing the agenda of Republican special interests stands in clear contrast with Catherine Cortez Masto, who held a roundtable today with students and graduates from universities in Southern Nevada to develop proposals and solutions for the issues they face. “*Congressman Heck and Sharron Angle have repeatedly failed Nevada’s college students and will only continue to do so in the U.S. Senate*,” said Sarah Zukowski, spokesperson for the Nevada State Democratic Party. “*In his half decade in Washington, Congressman Heck has voted to increase student loan interest rates and voted for reckless Republican budgets that would slash Pell Grants for 35,000 Nevada students. The choice for U.S. Senate is clear: while Catherine Cortez Masto will focus on solving problems like making college more affordable, Sharron Angle or Congressman Heck would make college even more expensive for Nevada students.*” Background: Heck Voted For House Republican Budget That Would Cut Spending By $5.5 Trillion Over 10 Years. In March 2015, Heck voted for: “Adoption of the concurrent resolution that would provide for $2.937 trillion in new budget authority in fiscal 2016, not including off-budget accounts. It would assume $5.5 trillion in spending reductions over the next 10 years, including by assuming repeal of the 2010 healthcare law. It also would propose reducing spending on Medicare and Medicaid and changing programs such as food stamps. It would call for restructuring Medicare into a ‘premium support’ system beginning in 2024, call for a deficit-neutral overhaul of the tax code that lowers rates and assume $147 billion in additional savings through ‘dynamic scoring,’ and would include instructions to committees to trigger the budget reconciliation process to cut mandatory spending. The resolution would call for fiscal 2016 base discretionary spending that adheres to the sequester-reduced defense and non-defense caps set by the Budget Control Act, and for future years it would assume a 10-year increase in defense caps of $387 billion while calling for cutting non-defense caps by $759 billion. As amended, for fiscal 2016 it would call for allowing $96 billion in uncapped war-related funding to provide additional defense funding beyond sequester-reduced caps, without requiring offsets.” The bill was adopted by a vote of 228-199. [CQ, 3/25/15 <http://www.cq.com/vote/2015/h/142>; H. Con. Res. 27, Vote 142,3/25/15 <http://clerk.house.gov/evs/2015/roll142.xml>] - 35,000 Nevadans Received Pell Grants To Help Pay For College. [White House Report, Republican Budget Resolutions: Same Failed Top-Down Economics, 3/18/15 <https://www.whitehouse.gov/sites/default/files/docs/budget_resolution_and_sequestration_impacts.pdf> ] - Republican Budget Eliminates Mandatory Funding For Pell Grants And Freezes Grants At Their Current Level Instead Of Keeping Pace With Inflation. “The Republican budgets eliminate mandatory funding for Pell Grants, and the House budget specifies that it would freeze the maximum grant at its current level, instead of allowing it to increase to keep pace with inflation. Over time, this would reduce financial aid for almost all of the more than 8 million students who rely on Pell Grants to afford college.” [White House Report, Republican Budget Resolutions: Same Failed Top-Down Economics, 3/18/15 <https://www.whitehouse.gov/sites/default/files/docs/budget_resolution_and_sequestration_impacts.pdf> ] - House Republican Budget Elimination Of Mandatory Funding For Pell Grants Would Likely Force Further Cuts To Eligibility And Benefits. In October 2015, Center on Budget and Policy Priorities CBPP Report on House Republican budget stated: “The plan freezes the maximum Pell Grant for ten years, even as tuition and room and board costs will continue to rise. It also eliminates Pell Grant funding on the mandatory side of the budget (Pell Grants receive both mandatory and discretionary funding, as explained below), likely forcing further cuts in eligibility and benefits. In addition, it would make student loans more expensive and cut other education and training programs (see box).” [Center on Budget and Policy Priorities, “House Budget Committee Plan Cuts Pell Grants Deeply, Reducing Access to Higher Education,”10/21/15 <http://www.cbpp.org/sites/default/files/atoms/files/3-24-15bud.pdf>] - CBO: Eliminating Mandatory Funding For Pell Grants Would Increase Costs For Students – Students Who Borrowed $23,000 Would “Leave School With Additional Debt Of About $3,800 Because Of The Accrued Interest Costs.” In November 2014, the Congressional Budget Office Estimated impact of eliminating mandatory spending on student loans: “Under either alternative, borrowers who lost access to subsidized loans would pay interest on unsubsidized loans from the date of loan disbursement, which would raise their costs. If a student who would have borrowed $23,000 (the lifetime limit) through subsidized loans over five years beginning with the 2014–2015 academic year instead borrowed the same amount through unsubsidized loans, that student would leave school with additional debt of about $3,800 because of the accrued interest costs. Over a typical 10-year repayment period, the student’s monthly payment would be $43 higher than if he or she had borrowed that same amount through subsidized loans.” [Congressional Budget Office, Reduce or Eliminate Subsidized Loans for Undergraduate Students, 11/13/13 <https://www.cbo.gov/budget-options/2013/44741>] Heck Voted For GOP Student Loan Bill That Would Raise Student Loan Interest Rates When Treasury Rates Rise. In May 2013, Heck voted for: “Under the GOP proposal, student loans would be reset every year, pegged to 10-year Treasury notes with added percentage points. For instance, students who receive subsidized or unsubsidized Stafford student loans would pay the Treasury rate, plus 2.5 percentage points starting for loans issued after July 1. Current subsidized Stafford loans are offered at a fixed 3.4 percent rate and unsubsidized Stafford loans are offered at 6.8 percent. The interest rate on loans to parents and graduate students is 7.9 percent. Using Congressional Budget Office projections, the GOP plan would translate to a 5 percent interest rate on all Stafford loans in 2014, but the rate would climb to 7.7 percent for loans in 2023. ‘We're ripping off kids,’ said Rep. Peter Welch, D-Vt. Stafford loan rates would be capped at 8.5 percent, while loans for parents and graduate students would have a 10.5 percent ceiling under the GOP plan.” [Associated Press, 5/24/13 <https://www.memphisdailynews.com/news/2013/may/24/house-backs-variable-rate-student-loans/print>; H.R. 1911, Vote 183, 5/23/13 <http://clerk.house.gov/evs/2013/roll183.xml>] - Associated Press: “The GOP Plan Would Cost Students And Families Heavily.” “In real dollars, the GOP plan would cost students and families heavily, according to the nonpartisan Congressional Research Service. The office used the CBO projections for Treasury notes' interest rates each year.” [Associated Press, 5/22/13 <http://www.cnsnews.com/news/article/obama-threatens-veto-house-student-loan-plan> ] - Students With Subsidized Stafford Loans Would Pay Almost $5,000 More Over 10 Years In Real Dollars. “In real dollars, the GOP plan would cost students and families heavily, according to the nonpartisan Congressional Research Service. The office used the CBO projections for Treasury notes' interest rates each year. Students who max out their subsidized Stafford loans over four years would pay $8,331 in interest payments under the Republican bill, and $3,450 if rates were kept at 3.4 percent. If rates were allowed to double in July, that amount would be $7,284 over the typical 10-year window to repay the maximum $19,000.” [Associated Press, 5/22/13 <http://www.cnsnews.com/news/article/obama-threatens-veto-house-student-loan-plan> ] ###