Students now have a tool to help them avoid student loan debt: the new financial aid shopping sheet, a simple form explaining the costs, financing options, and loan options for prospective students.
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.
Previous to the huge and historic passage of the College Cost Reduction and Access Act of 2007 in September 2007, students were hard at work to make college afffordable.
After Senators and members of Congress returned from August recess, students and student advocates were hopeful that both chambers had hammered out a new and final policy to help solve the problem of deep student loan debt. The process unfolded quickly – within two days, the House and Senate Education committees pulled together a joint press event with the Student PIRGs and coalition partners to announce final passage of the College Cost Reduction and Access Act of 2007.
In the spring of 2005, Congress cut the student loan program by $12 billion dollars, forcing interest rates on loans to go higher and making college dangerously expensive. Students at UConn and at hundreds of campuses across the country fought the cuts, but we lost narrowly