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Congress Should Pass Responsible Bill to Prevent Student Loan Interest Rates from Doubling, Not Political Attacks on Women

Congress must prevent student loan interest rates from doubling on July 1. There is no question that the burden on our middle class families and students will soar if interest rates double from 3.4 percent to 6.8 percent. Weigh in now on how we should prevent such an increase on Facebook.

More than 7 million students and their families nation-wide and some 177,000 in the Commonwealth rely on Subsidized Stafford Loans to help pay for college. It is irresponsible and reckless to let their interest rates double overnight, especially at a time that college costs are skyrocketing and our economy is still recovering.

That’s why I introduced the Stop the Rate Hike Act of 2012 to keep interest rates in check for another year. My bill is common sense and fully paid for by closing certain tax subsidies for Big Oil. Everyone can agree that closing tax loopholes on a billion dollar industry makes sense, right?

Wrong.

Republicans are jamming through their own one year fix, on the backs of our middle class families. The bill they plan to bring to the House Floor for a vote is paid for by cutting funds to preventive care for women and children.

That means pitting education for our students against critical preventive care for women and children, like breast and cervical cancer screenings, initiatives to reduce birth defects, and childhood immunizations. Clearly, this is not a serious attempt to keep student loan interest rates down or protect the health of our middle class families.

Congress is expected to vote on the Republican bill today. As I said on the House Floor, we should have the opportunity to vote on both bills.

Americans across this country deserve a real debate and a real effort to put our middle class families and students first. You can add your voice to the debate here, and weigh in on which bill you support.

If the flawed Republican bill attacking women's health passes the House, the Senate will need to find a better offset that all members, Democrats and Republicans can support and that does not target women once again.

Olaf Faeskorn

11:39 am on Friday, April 27, 2012

So I now have the choice to either pay more for my student loans or pay more at the gas pump? And all of this from a government that makes it harder and harder for providers to provide actual preventive services in medicine? Representative Tierney's statements - as so often - are not in sync with reality.

And we wouldn't necessarily have this discussion if the Obama administration hadn't forced its way into full control of the student loan "market".

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Lexi

2:18 pm on Friday, April 27, 2012

Congressman Tierney, when the then democratically held house and senate passed this bill it could have been for as long as you wanted. The democrats purposely passed the bill until 2012 because they new they could use it as an election year political tool against the republicans. A truly shameful act from the party who purport to care for the people.

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Elicia Harper

3:35 pm on Friday, April 27, 2012

So let me see if I've got this right...Democrats want to keep student loan interest rates from going up and Republicans (now) want to keep student loan interest rates from going up (even though the budget they proposed cuts more $140 BILLION from grants and loans that make college more affordable).

The issue that is holding this agreement up is that...

Republicans want to take money away from programs for preventative health care for women (cancer screenings etc).

Democrats want to pay for this by closing tax loopholes for Big Oil companies that are making record record profits but not paying their fair share.

I think the two parties morals and priorities are laid out pretty clearly here.

Congressman Tierney we appreciate your leadership on this!

Voters?

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gene

8:11 pm on Friday, April 27, 2012

Elicia you stole my argument! I don't always agree with John tierney but he and the Democrats are on the right side of this issue.

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Citizen Swamp

7:36 am on Saturday, April 28, 2012

Facts shed some light on the hypocrisy.

"But besides the measure being a flawed and costly way to pay for the lower interest rates, there’s an even bigger problem. The supposed benefits of keeping the interest rates at 3.4 percent are largely illusory, and the president is selling students a bag of magic beans. Economist Douglas Holtz-Eakin explains on National Review‘s “The Corner”:

[The interest rate increase] sounds serious. After all, there are 39 million Americans with student loans owing over a trillion dollars of debt, and interest rates doubling from 3.4 percent to 6.8 percent would be a huge hit at a time when households are already struggling.

Serious, except that the president’s plan would apply only to those 23 million loans being borrowed directly from the federal government. Except that not all of those would benefit; it would apply only to the 9.5 million loans being borrowed through the so-called subsidized Stafford loans. Except the lower rate would apply only to new borrowers who apply this year. Except that no payments are made until after graduation, so it would not help anyone for several years. Except that it would lower monthly payments by an average of only $7.

In other words, for an incredibly high cost, students are realizing very little benefit. And don’t forget, these are loans that they’re voluntarily taking on as part of an investment to benefit themselves."
Mike Brownfield, The Foundry 4/27/12

CS

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john

7:58 am on Saturday, April 28, 2012

I love how you guys swallow talking points hook line and sinker without even researching the facts. No wonder Obama got elected.

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Olaf Faeskorn

8:06 am on Saturday, April 28, 2012

None of this is that simple. First, we should maybe acknowledge that student loans have become the next housing bubble. And just like the real estate problem this has been created by both parties over time. The current administration is working hard to make things worse by making pie-in-the-sky promises and by trying to take over the entire student loan operation.
The preventive care issue only comes up in this context because Democrats have put student loan regulations and in particular this take-over attempt into the "Affordable Healthcare Act". And as someone who works in healthcare finance I know first hand that both sides seem to have little understanding of effective preventive care. It was the left that clearly pushed for eliminating breast cancer screenings with murky science the last time around. And nobody really addresses the problems men have getting effective screenings for prostate cancer for instance.
Congressman Tierney strikes me as uninformed and just spewing rhetoric and catch phrases that are out of context. To me healthcare, education and energy policies don't belong in the same sentence - certainly not in the same bill. Government caused many of the cited problems and I'm not very hopeful that government can fix them - independent of party affiliation really. Have a great weekend.

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Matt

4:51 pm on Tuesday, May 1, 2012

God some people have such a hard time with common sense. Grants and loans from the federal government make college LESS affordable. If you can't grasp that concept I don't know what to tell you

Bill

4:37 pm on Friday, April 27, 2012

You can check this site to see how many bills our esteemed congressman has passed since he has been in office. http://www.massgop.com/the-tierney-record/

It is a very slim list as his job as been to be a mindless rubber stamp for Dem leadership and pass along divisive comments like ones he "wrote" here. He will again be a tool of the DNC's divide and conquer strategy. Split the country among class, gender and racial lines and hope Obama squeaks out a victory. We are a long way from the magical days of Hope and Change in Jan 09. What a crock.

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John Murphy

6:28 pm on Friday, April 27, 2012

Yeah - I'm sure the Masschusetts Republican Party website is a great place to go to get all the facts lol -- I'm its "fair and balanced" just like their "news" network.

The truth is this about Students not being saddled with even more debt after they graduate - not about R's and D's or Obama.

Oh btw have you heard about George W. Bush's friend fundraising for the Tierney;s GOP challenger? Lets go back to the Bush years, NOT.

I'm with John on this 100%.

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anon

7:48 am on Saturday, April 28, 2012

Mr. Tierney,
So you want to keep interest rates low for students who went to colleges and universities that they couldn't afford?
What about retirees who can no longer afford to live because interest rates are so low that they are several points below the rate of inflation? I'd give almost anything for a 3.4% interest rate on my money, since my income has gone down almost 40% in the past 2 years.
As the representative of you ENTIRE DISTRICT, try thinking about your ENTIRE DISTRICT!

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KlassySalem

10:57 am on Monday, April 30, 2012

Don't forget that he wants you to pay more for gas and oil.

malcolm nichols

8:05 am on Saturday, April 28, 2012

The interest rate needs to be based upon the risk of the loan. If the loans are collateralized then a rate equal to the 10 year treasury should be fine. The 10 year rate is approx 2%.

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Who Me?

8:38 am on Saturday, April 28, 2012

Ahhhh yes nothing as refreshing as being lectured to by a money launderer.

The Man should be in jail along with Sal DiMasi.

Kinda like John Kerry lecturing us on “paying our fair share” at the same time he was evading excise taxes on his 7 Million Dollar Yacht.

Not sure who said People get the Government they deserve but Massachusetts is a shining Metaphor for that statement.

http://www.bostonherald.com/blogs/news/lone_republican/index.php/2012/03/20/congressman-tierney-answer-or-stop-whining/

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KlassySalem

11:02 am on Monday, April 30, 2012

Nobody (even me) has accused John of doing any money laundering himself. Being aware of it, that's a different story.

As for yacht excise taxes. It's interesting that at the Brewer Marina there are definitely yachts with out of state ports listed on them that have spent the whole winter there. Do we really buy that someone drove their Warwick RI yacht up to Salem for the winter? What about Windham NH?

Joe

9:02 am on Saturday, April 28, 2012

So this bill will ultimately help millions of students while also ending some of the tax-payers "funding" of big oil's profits? and there are arguments against this? not based in "reality"? a Democratic ploy to use this as a "political tool"? People, shut off Fox "news" and do some unbiased research of your own. Regurgitating the GOPs talking points makes you look like you can't think for yourself.
74 percent: The proportion of Americans who favor “eliminating tax credits for the oil and gas industry,” according to a NBC News/Wall Street Journal survey.
2-to-1: The margin by which “Republican voters support ending subsidies” for oil companies.
39 - 1: The amount in $ that big oil contributes to Republican Senators and Reps.
Is this not clear enough?
p.s. hey anon, one issue at a time there buddy...
p.p.s. hey Who me? when you begin your comment with a blatant lie it doesn't lend credibility to the remainder of your comment.

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john

9:19 am on Saturday, April 28, 2012

Please link us up to tax-payer funding of big oil's profits. Please link us up to the tax credits and subsidies the oil companies receive. Please link us up to any deductions the oil companies receive that are not available to all other US companies.

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Who Me?

9:32 am on Saturday, April 28, 2012

Anytime you would like to debate John Tierney, his Wife and her Brother and their convictions thereof I’m at your service.

Actually my Wife moves 10 Million or so in and out of our Bank Accounts all the time and I have no clue........

Please stop.

Actually I would welcome John Tierney coming here and discussing it with me should he feel “slighted”

I will say this, he had better be ready.

Is it the Governments job to subsidize College Education or should interest rates be determined by market forces?

So every time Government subsidizes education Colleges pass the savings directly to the Students via lower tuition?

OR

Every time Government subsidizes education Colleges pass the savings directly to themselves via higher salary and pensions?

Oh the dilemma....

Google up the salary and pensions at UMASS. It will make you sick. 300-600K and up.

Reginald

9:05 am on Saturday, April 28, 2012

Dead man walking. Congressman Tierney, the quintessential Fat-cat, bloated Democrat feeding at the public trough for more years than I can remember. Hey, at least his family knows how to make a buck without public assitance. But here in Massachusetts you can't get him out of there with a crowbar. Not this time (I hope). I just saw his words coming out of Nancy Pelosi's mouth on that fair and balanced news channel that dares show actual footage of Democrats talking, damning them with their own words instead of showing us a spinmiester host telling us what they really meant.

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RunningGreen

9:13 am on Saturday, April 28, 2012

Enough. Do you want to know why everyone thinks politics isn't working? Instead of offering suggestions of your own or offering an actual opinion, you are simply starting flame wars and attacking one another. I could care less whether you're a Democrat or a Republican. To be completely honest, I'd have more respect for you if you were neither. Instead of restating trite party talking points and pointlessly bashing each other, think about the issue at hand and offer an actual opinion or suggestion.

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RunningGreen

9:15 am on Saturday, April 28, 2012

Not meant at everyone, but just wanted to stop this conversation from spiraling downward and becoming a political yelling match.

Who Me?

9:51 am on Saturday, April 28, 2012

Ya those mean ole Fox News Republicans just want tax breaks for the rich.

Thank God we have Democrats who only want to tax the “rich” and help the middle class. The fact of this is all over our great Nation. Of all the Blue States controlled by Democrats who never tax the middle class we have....

California, among the highest taxed States in America, very close to Bankruptcy. Wisconsin, among the highest taxed States in America, very close to Bankruptcy.
Washington, among the highest taxed States in America, very close to Bankruptcy.
New Jersey, among the highest taxed States in America, very close to Bankruptcy.
Connecticut, among the highest taxed States in America, very close to Bankruptcy.
Rhode Island, among the highest taxed States in America, very close to Bankruptcy.
Massachusetts, among the highest taxed States in America, very close to Bankruptcy.
Illinois, among the highest taxed States in America, very close to Bankruptcy. In fact the Governor of Illinois last week called Bankruptcy “Inevitable”

If Democrats only want to tax the rich, and help the working people, then why is it every State they control is highly taxed and bankrupt??

Thank God the Democrats are for the Middle Class or we would really be in deep do-do.

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Maxine

9:10 am on Sunday, April 29, 2012

Who Me? Could you please provide supporting references for your assertions?

Joe Veno

10:02 am on Saturday, April 28, 2012

Relax everyone Tierney will be gone after the next election.

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Reginald

10:45 am on Saturday, April 28, 2012

"Say it aint' so Joe, please say it ain't so." No, wait, Say it's so joe please say it's so.

Michael McNeil

10:55 am on Saturday, April 28, 2012

I'm looking to get a degree in Money laundering . Mr. Congressman, can you suggest a good school? Maybe ask a relative?

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MShribman

4:15 pm on Saturday, April 28, 2012

More talking points. Last campaign Obama promised hope and change. This time it's all class warfare...divide and conquer....envy and hate (And a phony "war on women"). So this is what you sell when you have no ideas and no achievements. I have voted for Tieney in the past, (and Obama). NEVER AGAIN.

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john

9:28 am on Sunday, April 29, 2012

Wow, did you steal that right from the DNC web site?

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john

11:42 am on Sunday, April 29, 2012

If that were true you would know that oil companies do not receive subsidies. Also, I assume you are equally offended by a liberal talking head calling a woman the C word.

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Bob

8:54 am on Wednesday, July 18, 2012

John, correction - Called the the GOP VP nominee a "c"! But that is OK because the left doesn't agree with her!

Lexi

6:36 pm on Saturday, April 28, 2012

Let me get this straight here please, all of you democrats out there want all of us out here to vote for a man to represent our district in all fiscal matters in washington DC who did not know his own wife was illegally laundering six million plus dollars in illegal gambling profits. Could someone please call the Guinness book of world records, I believe we have found a new definition of the word insanity.

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john

9:27 am on Sunday, April 29, 2012

Yes it is impossible to believe. When you have that much money you know where it is and where it is going.

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Reginald

5:13 pm on Tuesday, May 1, 2012

Congratulations on your success Maxine. Truly a vulgar comment. But are you saying you and/or your husband don't know where it comes from or where it is going, as John has suggested you would? And now that you've got yours, do you mind terribly if we, who do not, try to keep what little we have. You are always welcome to give yours away. Those of us still in the middle class struggle to keep pace and send our children to college without the assistance from the government available to those even less well off.

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Bob

9:07 am on Wednesday, July 18, 2012

Maxine, and Tierney had his ears covered when he went to Antigua with his wife, to meet his brother-in-law who ran an illegal gambling site? And a lawyer and US Congressman who didn't know Internet gambling is illegal? Maybe he didn't read the "Unlawful Internet Gambling Enforcement Act of 2006" when he voted for it! It passed the house 421-2. Yea, I believe it too! I hope John can come to my bridge opening for the bridge I just bought! I just need to get all those pesky commuters off my bridge!

michael turner

9:00 pm on Saturday, April 28, 2012

Instead of always talking about the loop holes for oil companies, why not start considering the billions being wasted buy you people in Washington.

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diane murphy

9:40 pm on Saturday, April 28, 2012

I wish John Tierney would just go away, he is everything that is wrong with massachusetts politicians.....i just don't understand why he continues to get elected....

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Maxine

9:27 am on Sunday, April 29, 2012

Mr. Tierney has always been an ally to his constituents. If you contact his office for information or for help, he is very responsive and helpful. He maintains contact with his constituents, by holding open meetings and opportunities to take part in telephone town hall meetings. If you have a genuine policy question, I'm sure Mr. Tierney would happily answer it.

Citizen Swamp

12:32 am on Sunday, April 29, 2012

He gets elected because the overwhelming Democrat population of MA votes like lemmings. See the recent gubernatorial race Baker. v. Devalue

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Lexi

11:56 am on Sunday, April 29, 2012

Maxine, the answer to your question is yes it is just about impossible to believe the Tierney's and here is why. Mrs. Tierney's brothers have been career criminal bookmakers since before the Tierney's were even married and have been in and out of court houses many times since. Do you want us to believe that your husband would know nothing about your family's criminal background before he married you? Do you want us to believe that you and your husband took several trips to an offshore island bookmaking operation to visit your brother with TVs all around you with football games on and telephones being answered and your husband had no idea what was going on. You conveniently left out the long criminal backgrounds out of Mrs. Tierney's family members in telling us about how you handle your husbands finances. Your situation and their situation are completely different from each other. Do you think it is incumbent upon the congressman to make sure his reputation and that of his wife's are to be at the least law abiding citizens? It really is quite a stretch for us to believe that the congressman new none of this. The more likely answer is that the congressman new what was going on, either that or he was so oblivious to what was going on right in front of his face that he could not see the forest through the trees. Either way it falls it does not sound to me like he should be representing us in our district.

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Jim Smith

6:16 pm on Sunday, April 29, 2012

In speaking with Bill Scotti a former business owner living in Hamilton, he indicated that John Tierney was doing a great job, is there for the people and knows the issues.
This coming from a republican impressed me. Bill indicated that it is best during these recessionary times not to change officials who have been in the trenches, fighting for us. He added that our main concern should be property taxes. As long as interest rates stay low, school loan rates will remain affordable to those of mean and resources. Those who have lower income would be in trouble but as he said, it is the job of the federal government to extend zero interest loans to those who qualify with a high GPA and areas of study which will contribute to our work force in competition with overseas candidates upon graduation. Adding that Hamilton/Wenham town property taxes were and issue. As Bill told me in speaking with John Tierney, jobs and lower property taxes were essential to community sustainability and fairness to our seniors. Seniors should not be taxed out of their home by zealous school advocates who are wealthy with Hubris but short on common sense when it comes to the override government mentality. As Bill said we have to balance our home budgets and pay our taxes. The town needs to recognize their obligations to its citizens in balancing the school budget, regardless of the consequences. Bill said if you want to generate more revenue for the schools
open a school store.

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Jim Smith

6:23 pm on Sunday, April 29, 2012

In addition in hearing Mr. Scotti speak at a local Rotary meeting, he indicated that by taxing real estate according to house hold income and property valuations, the school budget could easily be met. His idea was to assess higher rates per thousand on those homes owned by the wealthy. In other words if a home was assessed at over a million dollars it would be assessed with an additional luxury tax per thousand rate of $3.00 per thousand. If the house hold income on that same house was over $250,000.00, the home owner would pay and additional $2.00 per thousand of assessed value as a, above threshold income school tax. This school tax would go directly into the school operations account by direct deposit from the town after the tax was collected. The $3.00 per thousand would go directly into the towns operating budget account as discretionary to be determined by the board of selectman as to where these funds would be allocated. I thought that was a great idea, since we have many of the 1% living here in Hamilton/Wenham, amongst us.

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john

7:09 pm on Sunday, April 29, 2012

Wow, are you serious?

Doug

8:50 am on Monday, April 30, 2012

Congressman Tierney is spot on. No young voter should be expected to assume full responsibility for any debts he or she took on voluntarily. I applaud Tierney for fighting for the American dream of living beyond our means and shedding all accountability for the consequences.

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Bob

9:20 am on Monday, April 30, 2012

Until we get rid of all D's and R's we will continue this poor excuse for government.
Presidents budget planned on taking $$$ from this same account and the Dem's applauded! Double speak from both sides!

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Joe Veno

10:34 am on Monday, April 30, 2012

Doug, You hit the nail right on the head! That is why Tierney supported and VOTED for Obamas health care bill. WHAT A GUY....

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Dave Miskinis

11:16 am on Monday, April 30, 2012

Beyond voting, I have never participated in an election, by way of bumper stickers, sign-holding etc. For the first time in my life, I am going to seek ways to participate agianst the election of Tierney. Enough said.

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Reading Republican Town Committee

12:43 pm on Monday, April 30, 2012

Dave, the Reading Republican Town Committee is hosting a fundraiser for Richard Tisei next Monday from 6-8 at Grumpy Doyle's in Reading. Please stop by.

https://www.facebook.com/events/366717676697643/

Reading Republican Town Committee

12:55 pm on Monday, April 30, 2012

To all area residents who think 16 years of John Tierney's type of representation are enough, the Reading Republican Town Committee is hosting a fundraiser for Richard Tisei next Monday from 6-8 at Grumpy Doyle's in Reading. Please stop by.

https://www.facebook.com/events/366717676697643/

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Reading Republican Town Committee

12:58 pm on Monday, April 30, 2012

To all who think 16 years of John Tierney's type of representation are enough, the Reading Republican Town Committee is hosting a fundraiser for Richard Tisei next Monday from 6-8 at Grumpy Doyle's in Reading. Please stop by.

https://www.facebook.com/events/366717676697643/

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