Policy Order O-11

WHEREAS: Investing in higher education has never been more important for the next generation of innovators, organizers and entrepreneurs to develop livelihoods and put their talents to use to power America's future; and

WHEREAS: It has come to the attention of the Cambridge City Council that interest rates on student loans could double from 3.4% to 6.8% on July 1

WHEREAS: As Cambridge is a hub of higher education, the impacts of doubling student loan rates would surely devastate the college and graduate student community; and

WHEREAS: While there is a bi-partisan consensus in Congress and the Senate that student loan interest rates should not be allowed to increase, lawmakers are at a stalemate on how to prevent this rise from occurring; and

WHEREAS: In a 52-45 vote, Republican Senators blocked further work on the "Stop the Student Loan Interest Rate Hike Act of 2012," a Democrat-sponsored bill that would extend low interest rates on federally subsidized student loans for another year and instead propose radical cuts to preventive health funds; and

WHEREAS: Urging members of our Congressional and Senate delegation to to do whatever it takes to keep student loan rates down will send a strong message that Cambridge will stand up for tomorrow's leaders to leave them in the best position possible to transition to a successful future; now therefore be it

ORDERED: That the City of Cambridge go on record opposing doubling student loan rates; and be it further

ORDERED: That the City Manager be and hereby is requested to confer with the appropriate departments to ascertain how this potential increase might impact Cambridge students and report back to the City Council; and be it further

ORDERED: That the City Clerk be and hereby is requested to forward a suitably engrossed copy of this order to Congressman Michael Capuano, Congressman Ed Markey, Senator John Kerry and Senator Scott Brown on behalf of the entire Cambridge City Council.