Triple Threat for Young Americans: Rising Student Loans, Higher Premiums, Fewer Jobs

Paying for college? Buying your own health care? Looking for a job? These are all a lot more difficult, costly, and complicated than they should be for young Americans. That’s why Republicans are working to address each of these challenges in our Plan for Economic Growth and Jobs. For example …

Paying for college? Republicans want to make it easier, fairer, more predictable.

Interest rates on student loans are about to double on July 1. Why? Because some politicians thought it’d be great if they were the ones setting interest rates, so “the whims of Congress” determine how much student loans cost – and they’re getting more expensive.

To change that, Republicans passed the Smarter Solutions for Students Act. The bill “echoes a plan” by President Obama to tie loans to a market-based rate and get politicians out of the student loan business.

Unfortunately, Senate Democrats wasted time last week trying to pass another short-term fix that would leave students in the same predicament again next year. The GOP bill is a permanent solution – and is part of the GOP jobs plan and its focus on making life work for all Americans.

Buying your own health care? Republicans want to prevent a “rate shock” and help lower costs.

Under the president’s health care law, the “young and healthy will experience some ‘rate shock’” says The Economist, “not only because they will be subsidising those with a much higher cost of care, but also because they will be required to purchase more coverage than they might want or need.”

If you live in Ohio, for example, you’ll pay an average of nearly $200 more per month (almost $2400 a year) under ObamaCare. Some low-cost plans could jump from $30 to $200 a month — a 666% increase. The “rate shock” report by the Energy Commerce Committee has more on the coming price spike.

It shouldn’t be this way. That’s why lowering health care costs by – in part – repealing the president’s health care law is also part of the GOP jobs plan. The Republican-led House voted for full repeal in May, and has successfully repealed and defunded several parts of the law over the last three years.

Looking for a job? Republicans want to strengthen our economy and help create new opportunities.

Young Americans don’t have it easy in this economy. According to the Huffington Post, “Nearly half of the nation’s unemployed are under the age of 34.” Even college graduates “face the reality of unemployment among 20- to 24-year-olds at over 13 percent,” says NBC News.

Among college grads lucky enough to find work last year, 284,000 worked in minimum wage jobs –unrelated to their degree – “displacing less educated workers, who are being pushed further down the ladder.”

“Every American expects and deserves a stronger economy,” said Speaker Boehner last week. “And we’re going to continue to focus on policies like these that will create robust job growth and better opportunities for everyone” — things like expanding energy production, taking the politics out of student loans, crafting a flatter, simpler tax code, and much more.

Learn more about the GOP jobs plan and how it can help young Americans at gop.gov/jobs.

Article source: http://www.speaker.gov/general/triple-threat-young-americans-rising-student-loans-higher-premiums-fewer-jobs

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