Here’s my statement on the failure to move debate forward on a bill to prevent student loan interest rates from doubling this July.
As you know, unless Congress takes immediate action, thousands of us will see our student loan interest rates double from 3.4% to 6.5% just weeks from now, on July 1, 2012.
The Senate vote is today on whether to stop student loan interest rates from doubling. We have President Obama, Republican presidential candidate Romney, and students on our side.
We can win this, but only if we show the Senate we aren’t backing down.
Today presidential candidate and Republican Mitt Romney endorsed Obama’s plan to prevent interest rates on subsidized Stafford student loans from doubling this summer on July 1 for nearly 7.5 million students. Without Congressional action, interest rates will increase from 3.4 percent to 6.8 percent.
The HEOA, short for the Higher Education Opportunity Act, is a higher education reform bill passed by Congress in 2008.
Last week we delivered 130,000 letters asking Congress to stop student loan interest rates from doubling in July.
Check out some of the stories from the event:
This July, students will see their federal student loan interest rates DOUBLE unless Congress acts. If rates double some of us would pay almost $5,000 more to repay our loans.
In the annual State of the Union Address, President Obama proposed measures to bring relief to almost 8 million students who will see their student loan interest rates double on new loans starting July 1st, 2012.
Tomorrow, President Obama will announce a series of initiatives that will reduce the burden of student loan debt that millions experience after graduation.
As budget cuts continue to dominate politics in Washington, DC, there was only one thing both sides of the aisle could come together and agree on in the latest round of budget cuts: protect the Pell Grant program.