To: Deanell Tacha, Dean, Pepperdine University School of Law
Pepperdine Law: Support Senator Warren's Bank on Student Loans Fairness Act
Stop the increase on student loan interest rates and support Elizabeth Warren's Bank on Student Loans Fairness Act.
Why is this important?
The interest rate on federal subsidized Stafford student loans is set to increase from 3.4% to 6.8% on July 1st. If Congress doesn't act soon, millions of college students will see their student loan payments jump.
Some argue that it's too expensive to keep government loans at low interest rates, but the federal government makes low interest loans all the time—just not to everyone. Big banks can borrow money through the Federal Reserve discount window at a rate of about 0.75%.
Wall Street banks—the ones that wrecked our economy—should not be getting a better interest rate on their government loans than young people trying to go to college.
Support Senator Elizabeth Warren's Bank on Students Loan Fairness Act to let students take advantage of the same low rates offered to banks for one year while Congress finds a fair, long-term solution on student loan interest rates.
Some argue that it's too expensive to keep government loans at low interest rates, but the federal government makes low interest loans all the time—just not to everyone. Big banks can borrow money through the Federal Reserve discount window at a rate of about 0.75%.
Wall Street banks—the ones that wrecked our economy—should not be getting a better interest rate on their government loans than young people trying to go to college.
Support Senator Elizabeth Warren's Bank on Students Loan Fairness Act to let students take advantage of the same low rates offered to banks for one year while Congress finds a fair, long-term solution on student loan interest rates.