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ARROGANCE ALERT: Tom Cotton Received Government Loans For Harvard, But Doesn’t Want Arkansas Students To Have The Same Opportunity

ARROGANCE ALERT: Tom Cotton Received Government Loans For Harvard, But Doesn’t Want Arkansas Students To Have The Same Opportunity

Even National Republicans Criticize Cotton’s Position: He "Owes An Explanation To Hard-Working Students"

Tom Cotton Now Says Government Shouldn’t Provide Low Interest Loans To College Students

Tom Cotton yesterday admitted that even though he took government loans to pay for Harvard, he still voted against a bipartisan deal to provide Arkansas students with low interest college loans because now he does not think government should provide low interest loans to college students.

After Senator Pryor challenged his opposition to providing Arkansas students with low interest loans, Cotton admitted that “like many students, it also took a combination of private and Stafford loans” to pay for his Harvard schooling.

Cotton was one of just six Republicans who voted “NO” on a bipartisan deal this week to provide students with low interest loans to go to college. While some Democrats opposed this agreement because they wanted even lower interest rates for students, Cotton believes that students should not get any extra assistance and that big banks should be able to charge students whatever they want.

Even fellow Republicans like the National Republican Senatorial Committee attacked Cotton’s extreme position, saying that he “owes an explanation to the many hard-working students” who depend on these loans.

Now that Cotton admitted he used government loans to pay for college, Cotton now must explain why Arkansas’ “hard-working students” don’t deserve the same opportunities he had.

“It shows arrogance and bad judgment that Tom Cotton would refuse to provide the same financial assistance to Arkansas students that he personally used to go to Harvard,” said Justin Barasky, spokesman for the Democratic Senatorial Campaign Committee. “Arkansans deserve an explanation as to why Cotton would deny students the same opportunities he received. Hardworking students in Arkansas and around the country need leaders who are standing up for them in Washington. Tom Cotton is proving to be a self serving politician who only cares about his own promotion and does not care about helping Arkansans.”

BACKGROUND:

Cotton Was One Of 6 Just Republicans To Vote Against Bipartisan Deal To Keep Student Loan Rates >From Spiking. “A House vote Wednesday puts a decisive end to months of congressional wrangling over federal student loan interest rates The House overwhelmingly approved tying student loan interest rates to market rates and reversing an interest rate hike that took effect for some new loans July 1. The 392-31 vote comes a month after the interest rate for new, federally subsidized Stafford loans doubled. [Vote 426, 7/31/13; Politico, 7/31/13]

COTTON VOTED AGAINST REPUBLICAN-BACKED PLAN TO LET STUDENT LOAN RATES RISE WHILE THE NRSC, RNC AND NRCC ATTACKED THOSE WHO VOTED AGAINST IT

NRSC Attacked Other Candidates For Voting “Against Legislation To Extend Lower Rates For Iowa Students.” In a press release issued by the NRSC in June 2013 that attached Congressman Bruce Braley for voting “against a bill on the House floor that would have extended a lower rate for Iowa student loans.” Cotton voted against the same measure that the NRSC cited in their release. [NRSC Press Release, 6/5/13; H.R. 1911, Vote #183, 5/13/13]

RNC: “House Republicans Passed Student Loan Relief” – Cotton Voted Against. In a press release in June 2013, the RNC claimed that “House Republicans have already passed student loan relief” and linked to a vote in May on a Republican measure that pegged student loan rates to the interest rate of 10-year treasury notes plus 2.5 percent. Cotton voted against that proposal. [RNC Press Release, 6/27/13;  H.R. 1911, Vote #183, 5/13/13]

NRCC Criticized Congressmen Who Against The Republican Student Loan Reform Plan, Which Included Cotton. In May 2013, Roll Call reported: “The National Republican Congressional Committee and Democratic Congressional Campaign Committee each blasted the other side after a near party-line vote on the Smarter Solutions for Students Act, which passed the House on Thursday, 221-198. But eight House Republicans voted with the Democrats, and four House Democrats voted with the Republicans, creating a situation where 12 House members were indirectly attacked by their own party’s campaign committee… ‘Barrow owes an explanation to the many hard-working students in Georgia whose rates are at risk because of his own intransigence. It’s time to put aside his allegiance to Nancy Pelosi and her liberal agenda and start supporting common-sense legislation like this,’ said the NRCC’s press release. The NRCC did not include the eight House Republicans who joined 190 Democrats in voting against the bill. Those Republicans included Mo Brooks of Alabama, Vern Buchanan of Florida, Tom Cotton of Arkansas, Louie Gohmert of Texas, Tom Graves of Georgia, Michael G. Grimm of New York, Walter B. Jones of North Carolina and Marlin Stutzman of Indiana. None of these members is ordinarily regarded as a political ally of Pelosi, the House minority leader.” [Stuart Rothenberg, Roll Call5/24/13]

  • Headline: “Friendly Fire: Parties Slam Some of Their Own.” [Stuart Rothenberg, Roll Call,5/24/13]

COTTON WANTED TO PUT WALL STREET IN CHARGE OF STUDENT LOANS

Cotton Wanted Banks To Be Provider Of All Student Loans. In October 2012, the Arkansas Democrat-Gazette reported: “Cotton said rising tuition prices are a result of ‘the failed policies of Barack Obama's administration.’ He pointed to a provision of the Patient Protection and Affordable Care Act, the Student Aid and Fiscal Responsibility Act, which made the federal government the only lender of federally backed student loans. ‘What that does is take all student loans and put it in the hands of the federal government,’ he said. ‘This is the way a government program always works, more efficiently than the private sector, right? Not really. If banks can give loans for cars or for home mortgages they can do so for student loans as well,’ he said.” [Arkansas Democrat-Gazette, 10/7/12]