Elizabeth Warren’s Student Loan Fairness Act goes to vote

by Stephen Petrina on July 9, 2013

Huffington Post, July 9, 2013– Elizabeth Warren’s proposal, presented in May, would offer the same interest rate on federal Stafford loans as the one that banks receive from the Federal Reserve. Under her plan, the rate on government-issued student loans would fall from 6.8 percent to 0.75 percent, saving students thousands over the life of their loans.”

“The proposal in Congress to extend current rates does not do enough to help students with mounting debt,” the professors’ letter reads. “Congress should address this urgent problem by passing Sen. Elizabeth Warren’s bill to let students borrow money at the same low rate as banks.”

More than 1,000 college professors from 568 higher education institutions around the country have signed a letter calling on Congress to pass legislation authored by Sen. Elizabeth Warren (D-Mass.) that would dramatically lower interest rates on federal student loans.

Student Debt Crisis Team, July 9, 2013– The U.S. Senate is finally expected to vote tomorrow on whether to keep interest rates low on students loans.  

Because they failed to reach a deal by the July 1st deadline, rates have doubled from 3.4 to 6.8 percent. Unless reversed, this means the average student will owe an extra $1,000 per year of their loan, affecting nearly 7 million borrowers.   

In light of soaring education costs and a tough economy for recent graduates, now more than ever is the time to keep college affordable.

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Rob, Natalia, Kyle, Aaron & The 
Student Debt Crisis Team
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