Please lower ALL existing student loan interest rates to 1% - Including, but not limited to: Undergraduate Student Unsubsidized/Subsidized, Parent PLUS and GRAD PLUS loans.
Student loan debt has skyrocketed, over the past 15 years. Why should low-income students, who cannot afford college, pay up to 6.23 times the price for college, simply because they must take-out student loans to attend college.
Students, who come from low-income, economically disadvantaged backgrounds, should be allowed to pay the price to attend college costs as their wealthier classmates; right now, borrowers pay a much larger price because of student loan interest rates, origination fees, late fees, and compounded interest, which are collectively added to the original loan amount. Graduate students, for example, pay a 4% of each loan, origination fee.
Why does the United States of America make low-income students, who want and need a college education, pay a higher cost than wealthier students? This is unfair!
My family paid out of pocket, $60,000 each year for my college education, totaling $240,000. My classmates paid, and are still paying, for that same education, at $102,503 per year (interest, origination, penalties, etc compounded), for the same education - which will total $440,000. That is insane!! I got the bargain price, and my family is part of the 1%. My classmates, who are part of the 99%, were unable access that lower price. That is unfair!
Lower ALL student loan interest rates to 1% - ALL loans of the William D. Ford Direct Lending Program - Parent Plus Loans, Grad Plus Loans, and Undergraduate Unsubsidized loans. - All loans of, in and underwritten by, and administrated and disbursed through the William D. Ford Direct Lending Program - ALL Parent Plus Loans, Grad Plus Loans, and ALL Undergraduate Unsubsidized and Subsidized student loans previously granted, in repayment, in default, current loans, future loans, etc., originated and consolidated through the William D. Ford Direct Loan and FFELP loan programs.
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