Student Loan Rates Will Double Unless Congress Acts
Unless Congress acts soon, millions of students will see their student loan rates double from 3.4% to 6.8%. Under the increased rates student borrowers will pay $6.3 billion in additional repayment costs for the 2012 to 2013 academic year.
It doesn’t have to be that way.
In 2007 Congressional Democrats passed a law to lower interest rates on subsidized Stafford Student Loans. Thanks to that law, over 15 million Americans have benefited from lower rates. Now, Republican inaction in Congress is threatening to bring back the higher rates.
Democratic Members of Congress and students from around the country are calling on Republican leaders to quickly bring up legislation so that student loan rates don’t double.
You can add your voice to the effort by being a citizen cosponsor through joining the Facebook group below or sharing this page.
To learn more about student loan opportunities and legislation to help students please visit the Committee on Education & the Workforce Democrats page.
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