As you know, on July 1st of this year, the interest rate on federal subsidized Stafford Loans is set to double, from 3.4% to 6.8%. If Congress does nothing, current and prospective students will be forced to pay an additional $1000 per year, per loan, on top of the exorbitant costs they already face with skyrocketing tuition that force students to borrow that much more simply to obtain a quality education.
In response to this looming interest rate hike, Senator Elizabeth Warren has introduced her first piece of stand-alone legislation in the Senate, called the “Bank on Students Loan Fairness Act” which seeks to set the interest rate on federal student loans at .75%, the same rate at which the big banks are able to borrow at the Federal Reserve discount window.
Please sign Senator Warren’s Petition in Favor of her Bill to Let Students Borrow at the Same Rate as the Big Banks!
As Senator Warren has said, it is fundamentally unfair to make students borrow for their educations at a rate that is nine times higher than the rate at which the big banks that nearly destroyed our economy are allowed to borrow. The federal government made over $30 Billion in profits off the backs of students last year alone – this practice has to stop!
Even if you aren’t going to be personally affected by this looming rate hike, as someone who cares about the growing issue of student debt, it is important that we stand in solidarity with current and prospective students to protect their interests.
While this is just one front in the battle against the growing student debt crisis, it is imperative that we take a firm stand here to make sure that the student debt crisis doesn’t get any worse!
Please stand with Senator Warren and sign her petition today!
Thank you, as always, for your continued support. Now, let’s get Elizabeth Warren’s back and help protect current and prospective students from being fleeced on their student loans!
Sincerely,
Robert Applebaum, Co-Founder & Executive Director,
StudentDebtCrisis.org
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