On July 1, student loan interest rates are set to rise an average of 2 percent, to their highest rate in years. The interest rate increase is a result of a budget bill signed into law in February that cut $12 billion in federal funding for student loans.

Every Republican from North Carolina except Rep. Walter Jones voted in favor of the measure, which will cause federal student loans to rise to just over 7 percent-the highest rate in six years-and the rate on outstanding federal parent loans is expected to rise to about 7.8 percent. [H.R.4241 S.1932]

"The audacity of Representatives Taylor, Hayes, Foxx, Myrick, Coble, and McHenry and Senators Burr and Dole knows no bounds. Their votes helped undermine the affordability of higher education. At the same time that they are sticking the next generation with record setting deficits, they're increasing of cost of this same generation's education," said North Carolina Democratic Party Chair Jerry Meek. "I'm pleased that Democrats like Reps. Bob Etheridge, David Price, and Brad Miller stood up and let their constituents know about the deadline to consolidate loans and helped them avoid this hardship that the Republicans caused."