The interest rate on Stafford student loans will double in July if Congress doesn't approve the plan to stop it.
If the plan isn't passed, some borrowers will end up paying almost $5,000 more on their loan over a 10-year repayment. We're asking people like you to tell Congress to show some love for students and support the plan.
Will you take action now and sign this letter to your members of Congress?
In 2007, Congress passed the College Cost Reduction and Access Act, which cut the interest rate from 6.8% to 3.4% -- but it's set to expire this July. This is a terrible time to force students to shoulder such a huge increase when so many students are either unemployed or underemployed and struggling to pay loans. In fact, this issue is growing so quickly and dangerously that Rebuild the Dream will be campaigning around student debt and the right to higher education throughout the year.
College seniors who graduated with student loans in 2010 owed an average of $25,250, up five percent from the previous year. And this affects more than just people in their 20s: borrowing has grown far more quickly for those in the 35-49 age group, whose school debt burden increased by a staggering 47 percent.
That's why for this Valentine's Day, I'm not asking for chocolate hearts or roses. I'm asking that Congress extend a deal that was made five years ago.
Sign this letter urging your members of Congress to show some love for students!
P.S. Check out the United States Students Association, Campus Progress, and US Public Interest Research Groups | Higher Ed to find out more about issues affecting millennials.