Interest rates on some federally backed student loans are set to DOUBLE on July 1, and our elected officials on Capitol Hill are the only ones who can stop it. But instead of standing up for students, members of Congress have made political grandstanding a bigger priority. Right now, they’re pointing fingers and trading election-year barbs in the press rather than working together to solve this crisis.
College students like Clarise McCants cannot afford further inaction. “Even with grants and scholarships, I still have to rely on loans to pay for college,” she says. “If my interest rate doubles, it’ll take me even longer to dig my way out of debt after I graduate.”
Clarise is just one of the more than 7 million students who will be burdened by even greater debt if Congress fails to deliver a solution before the end of June. The U.S. economy is already being dragged down by the more than $1 trillion Americans owe in student debt. With college tuitions skyrocketing, Washington should do everything it can to make it easier — not more difficult — for hard-working students to learn their way to a brighter future.
“If the July deadline passes, there will be very real consequences for millions of students just like me,” Clarise says.
The clock is ticking. Tell Congress to stop the political theater and ACT NOW!
America’s students urgently need a bill that will prevent interest rates on federal loans from doubling this summer. The longer it takes for the two parties to reach an agreement on this issue, the more urgent the situation becomes for hard-working students. As costs for higher education skyrocket, the need to keep these interest rates low is critical.
More than 7 million students count on low-interest Stafford Loans to learn their way to a brighter future and earn their way into the middle class. Nearly half of these students come from families earning less than $30,000 a year.
Our nation can’t afford to let these interest rates double, creating yet another obstacle along the already treacherous path to graduation. I urge you to do what’s right. Time is running out. Please reach across the aisle and pass legislation that will keep Stafford Loan interest rates low.
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