An iceberg is on the horizon for America’s college graduates. On July 1, the Stafford Student Loan Program interest rate will double. That will put an incredible burden on our graduates, many of whom are living at home and are unemployed or are under-employed.

The Democrats fix for this issue is to raise taxes. Republicans have a better idea: let’s tap the money in a fund set aside for Obamacare to pay for a one year extension which will give us more time to get our spending under control.

Raising taxes will also make it harder for job creators and for graduates looking for jobs. Let’s not “fix” a problem by creating another problem, higher taxation. Republicans believe we can do this without making our economic situation worse, and better yet we can get America working again.

We all know higher tuition puts the dream of college out of reach for many young Americans. This is why the Stafford Student Loan program is so important. Loans help students overcome obstacles they face when it comes to access to affordable education.

Today, America has the lowest employment-to-population ratio for young adults since 1948. Over half of Americans under 25 who hold a bachelor’s degree are unemployed or underemployed and nearly 25 million adults live at home with their parents, not out of choice, but because they can’t find work or earn enough to survive on their own.

College graduates are ready to chase the American dream. Higher taxes hurt job growth and make it harder for graduates to find jobs once they have a diploma in hand. We should do everything we can to make their dreams possible without taking on higher taxes and new spending.