Congress is about to vote on whether to prevent the interest rate for undergraduate student loans to double from 3.4% to 6.8%. Every effort should be made to maintain the lower rate.
However what most people don’t know is that graduate students already are paying 6.8% interest! This perpetual compounding interest will financially cripple these students for years to come even with an improved job market. Many may even be forced to default on their loans!
With interest rates in general at all-time lows, below 4% for homes and 2% for cars, how can banks justify this exploitive rate and why have graduate students been singled out to pay them?
As a parent of a hard working graduate student I am appalled and sickened as I watch the interest unmercifully accumulating on the already high cost of my son’s educational and career dreams. American taxpayers bailed out banks during their financial meltdown. In return the banks shackle graduate students with devastating usury.
Please help graduate students by signing my petition calling on Tom Harkin, Chairman of the Senate Education Committee and George Miller ranking member of the House Education Committee to introduce legislation to roll back the interest rate for graduate student loans to 3.4%.