25 signatures reached
To: Miguel Cardona
Lower Student Debt Burden
Advocates of this petition seek to mitigate the burden of student debt by advocating for a reduction of interest rates on educational loans to zero percent. The financial encumbrance post-graduation often exceeds individuals' incomes, necessitating years, if not a lifetime, for repayment, showing the need for corrective measures with student loans.
Why is this important?
Let’s think of some things that make a person “stable” early on.
- Owning a home out of college
- Having the opportunity to save for ones future
- Partnership/Family
Can a person today with the average income buy a house? The answer is no. Now add student debts with the average interest rates of 3.73%-6.28% hovering over your head right out of college. It’s near impossible to be a home owner, save for retirement, and pay off student loans even with the Income Based Repayment plan put in place for some of us. Having close to zero interest rates would tremendously help individuals to pay off loans and figure out their early years while saving for retirement and future plans.