Congress and the President must act now to prevent a devastating doubling of the student loan interest rate. On July 1, 2012, student loan interest rates on new Stafford loans will double from 3.4% to a whopping 6.8%.
This change could mean up to $11,000 of additional student loan debt for the 8 million students who use these loans every year. Students working to get an education are the future of our country and our economy. We need to relieve student debt, not increase it.
Why is this important?
Therefore, we, the undersigned, strongly encourage Congress and the President to pass legislation to stop student loan interest rates from doubling this summer. Now is the time for real leadership to reduce student loan debt.
