NEW WEBSITE HIGHLIGHTS COTTON’S VOTE AGAINST STUDENT LOANS, TELLS HOW COTTON FORGOT WHERE HE CAME FROM

Cotton went to college with the help of federal student loans, but now he wants to take away that opportunity for Arkansas students

Cotton was the only member of Arkansas’ congressional delegation to vote against affordable student loans

LITTLE ROCK — Today, the Pryor for Senate campaign launched a new website aimed at educating Arkansas voters about Rep. Tom Cotton’s vote against affordable student loans for Arkansans, loans Cotton used to finance his own education.

www.TomGotHis.com explains that Cotton got ahead with the benefit of federal student loans, but after climbing the ladder of opportunity, Cotton pulled it up behind him. In Congress, Cotton also voted slash Pell grants for Arkansas students and even said he wants to end the federal student loan program entirely.

FROM: www.TomGotHis.com

Student Loans: Cotton Got His

THE SUMMARY

When Tom Cotton went to Washington, he forgot where he came from.

Cotton was the only Arkansan to vote for higher interest rates on student loans, making college too expensive for thousands of Arkansans.

Cotton voted to cut Pell grants and even wants to eliminate the federal student loan program.

 The same program HE used to go to college.

Tom Cotton got his, but he’d take it away from our kids.

THE FACTS

Some people forget where they came from…and who helped them get to where they are going.

Like Tom Cotton.

Tom Cotton readily acknowledges that while climbing up the ladder of success, he used federal student (Stafford) loans to help pay for college and law school.

Now he wants to pull the ladder up behind him.

Tom Cotton voted to cut Pell grants used by thousands of Arkansans to help pay their way through college. He would even ban Pell grants for student who can only afford to go to college on a part-time basis.

But Cotton goes further than that.

Last year, Tom Cotton was the only member of the Arkansas delegation—Democrat or Republican—to support higher interest rates on student loans, making college too expensive for tens of thousands of Arkansas’ students and their families.

In fact Tom Cotton has gone so far as to call for the elimination of the federal student loan program, wanting to return to the days when banks decided what loans to issue and what interest to charge.

Cutting Pell grants, banning them for part-time students, higher interest rates for student loans, making college too expensive for tens of thousands of Arkansas kids: that’s the Cotton agenda for education.  An agenda that would leave thousands of Arkansans longing for the ladder of success.

THE PROOF:

COTTON WAS THE ONLY MEMBER OF THE ARKANSAS DELEGATION TO VOTE AGAINST REDUCING STUDENT LOAN INTEREST RATES…

Cotton Was One Of Only 31 House Members—The Only Arkansan—To Vote Against Reducing Student Loan Interest Rates. In July 2013, Cotton was the only member of the Arkansas congressional delegation to vote against Kline, R-Minn., motion to suspend the rules and concur in the Senate amendment to the bill that would set federal student loan interest rates issued after July 1, 2013 to the Treasury Department’s 10-year borrowing rate, plus 2.05 percent for subsidized and unsubsidized undergraduate loans, 3.6 percent for graduate loans and 4.6 percent for PLUS loans. The loan rates would be capped at 8.25 percent, 9.5 percent and 10.5 percent, respectively. It would require the Government Accountability Office to submit a report to Congress within four months detailing the federal government’s cost of administering the student loan program and recommendations to avoid generating additional revenue from the program. The motion was agreed to 392-31: R 221-6; D 171-25; I 0-0. [HR 1911, Vote426, 7/31/13]

…AND AGAINST A REPUBLICAN PLAN TO PREVENT STUDENT LOAN RATES FROM DOUBLING

Cotton Was One Of 8 Republicans And 190 Democrats To Vote Against A Republican Plan To Keep Student Loan Interest Rates From Doubling. “The House approved a Republican proposal Thursday to allow interest rates on federal student loans to rise or fall from year to year with the government’s cost of borrowing, ending a system in which rates are fixed by law. The proposal cleared the GOP-led House on a largely party-line vote of 221 to 198, but it faces opposition in the Democratic-controlled Senate and a veto threat from the Obama administration. The legislation responds to a looming deadline: On July 1, unless the law is changed, rates for a certain type of new loan for undergraduate students in financial need will double to 6.8 percent, from 3.4 percent.” [CQ; H.R. 1911, Vote #183, 5/23/13; Washington Post, 5/23/13]

…FEDERAL LOANS THAT HELP OVER 70,000 ARKANSAS STUDENTS AFFORD COLLEGE

2011-2012: Arkansas Students Received 78,896 Subsidized Stafford Loans Worth $315 Million. ”In Arkansas, out of $700 million in federal student loans awarded for the 2011-12 academic year, $315 million was awarded in subsidized Stafford loans, which are for moderate-to-low-income students. The federal government reported that 78,895 subsidized Stafford loans were awarded in Arkansas.” [Arkansas News Bureau, 7/7/13]

Private Loans Could Be More Expensive, Feature Higher Interest Rates, Stricter Repayment Plans, And Penalties. According to the Department of Education, “Private loans are managed and backed by private banks.  These banks are not subject to the same rules and regulations of federal loans, and may feature higher (or variable) interest rates, stricter repayment plans and penalties, or other terms that may make them more expensive.” [Homeroom Blog, Department of Education, 10/17/12]

Federal Loans Were Designed To Be Fair To Students. Federal loans are managed and backed by the U.S. government. These loans are designed to provide students with fair treatment.  Because they offer the best terms for borrowers, federal loans are the best option for students. [Homeroom Blog, Department of Education, 10/17/12]

COTTON SAID FEDERAL STUDENT LOANS SHOULD BE ELIMINATED…

Cotton Wanted Federal Government To Have No Involvement In Student Loans. “Cotton voted against a similar bill last month saying he wants the federal government to get out of the student loan business and leave the job to the private sector.” [Southwest Times Record, 8/2/13]

…EVEN THOUGH COTTON USED FEDERAL STUDENT LOANS TO FINANCE HIS IVY LEAGUE EDUCATION

Cotton Used Federal Stafford Loans To Finance College. In a statement, Tom Cotton said, “My family saved for years and I worked throughout school to pay my way; like many students, it also took a combination of private and Stafford loans. Following law school, I postponed joining the Army for two years so I could repay all my loans.” [Press Release, Office of Rep. Cotton,8/1/13]

Cotton Used A Combination Of Scholarships And Loans, Both Private And Stafford, To Finance His Harvard Education. At the Arkansas Independent Colleges and Universities Meeting, Cotton said: “First, I want to say though, access to affordable and quality education is not really a political issue. It’s something that all Arkansans and really all Americans support. Higher education certainly provided me with a lot of opportunities that I might not have otherwise had, as Rex mentioned. I knew that wouldn’t be easy. My family saved for many years and worked during school to pay my loans. Like many other students, I also used a combination of scholarships and loans, both private and Stafford.” [Independent Colleges and Universities Meeting, 11/1/13]

COTTON ALSO VOTED TO CUT OVER $100 BILLION FROM PELL GRANTS THAT HELP OVER 85,000 ARKANSAS STUDENTS

Cotton Voted For $106 Billion In Pell Grant Cuts. Cotton voted for the Republican Study Committee Budget. According to the Republican Study Committee, “Recent laws like the stimulus bill have provided mandatory funding for the Pell Grant program to increase the maximum discretionary grant award. This mandatory add-on is a permanent funding item, and the amount of money provided for it each year is unspecified… [The Republican Study Committee] budget eliminates the mandatory add-on for Pell Grants, which helps curb the concerns that increases in Pell Grants lead to higher tuition and less opportunity for those most in need. This saves $106 billion over ten years.” [H Con Res 25, Vote #86, 3/20/13; FY14 Republican Study Committee Budget, 3/19/13]

Cotton Voted To Eliminate Pell Grants For Part Time Students. Cotton voted for the FY15 Ryan Budget. The budget would “eliminate [Pell Grant] eligibility for less-than-half-time students. Funding should be reserved for students with a larger commitment to their education.” [FY15 Budget Resolution, April 2014]

Over 85,000 Arkansas Students Relied On Pell Grants. “According to the U.S. Department of Education, 85,779 students in Arkansas received Pell grants in 2010-11, the most recent figures available.” [Arkansas Democrat-Gazette, 11/23/12]