Pass legislation to cap student loan interest rates

Pass legislation to cap student loan interest rates

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Bryan Paul started this petition to U.S. Senate and

Right now there is a major student loan crisis in the United States. Millions of Americans are in trillions of dollars of debt the the issue is set to linger for an entire generation to come. At the beginning of the pandemic federal student loan payments were suspended and the interest on these loans was temporarily paused. Both courses of action undoubtedly help but as soon as this is over the situation will return to business as usual. Currently there is an idea floating around to simply forgive a portion of this debt for those that have federally backed student loans. I see two issues with this proposal:

1) This fails to take into account all of the individuals who owe money on private student loans.

2) There is not enough agreement among congress and the citizens to simply just forgive and forget loans.

There is one idea I have come up with that I have not heard mention anywhere else that I think could provide a great assistance to those who are currently buried in debt in the long term:

Congress should pass legislation to cap the interest rates on ALL student loans. My proposed cap is 3%. Right now a lot of interest rates on student loans can reach up to 10-15%. Granted that's extreme cases but it can be a serious financial burden, trust me I have experienced this personally. By capping the rates many people would owe far less every month and would be able to spend their money in other sectors of the economy that would benefit everyone.

I believe this proposal is reasonable and would benefit everyone across the country and not just the people currently paying the loans. In addition people would not feel so penalized for attending school and stop discouraging high school graduates from further educating themselves.

 

0 have signed. Let’s get to 1,500!
At 1,500 signatures, this petition is more likely to get picked up by local news!