President Obama is calling on Congress to act before student loan interest rates double for more than 7.4 million students, adding an average of $1000 to their debt.
Having a college education has never been more important, but it’s also never been more expensive. While the Obama administration has taken historic steps to provide Americans with a fair shot at an affordable college education, Republicans in Congress have instead prioritized huge new tax cuts for millionaires and billionaires. Congress has a chance to take action on what should be an area of bipartisan agreement to prevent this unnecessary and damaging increase in interest rates and give our young people a chance to succeed in the jobs of today and tomorrow.
At a time when the average student loan debt is $25,000 and tuition prices continue to rise, students are borrowing more than ever to complete their degrees.
On July 1, 2012, the interest rates on subsidized Stafford student loans are slated to double from 3.4% to 6.8%. To out-educate our global competitors and make college more affordable, Congress needs to stop the interest rate on these student loans from doubling.
For each year that Congress doesn’t act, students rack up an additional $1,000 in debt over the life of their loans.
Contact your Congress person to PREVENT Student Interest Rates from doubling on July 1, 2012!!