13
Jun
2012
Stop Student Loan Interest Hike
If Congress doesn't act by July 1st, student loan interest rates will double
WATERLOO, IA -- Rep. Bruce Braley (IA-01) and over 100 Iowa student leaders today launched an online petition urging Congress to act immediately to prevent a looming increase in student loan interest rates.
If Congress fails to act by July 1st, the interest rates for federally subsidized Stafford student loans will double from 3.4 percent to 6.8 percent. An increase of that magnitude would mean a student taking out the maximum Stafford student loan of $23,000 could pay an additional $4,600 in interest over a 10 year repayment period.
"The clock is ticking, and unless Congress comes together and acts, student loan interest rates are going to double," Braley said. "Iowa students have the third highest student loan debt burden in the country at graduation. They can't afford to be put any further behind.
"That's why we're calling on Iowans to sign our petition urging Congress to act now. This shouldn't be another issue bogged down in partisan gridlock.
"Our colleges and universities are avenues of economic opportunity. If America is going to compete successfully in the global economy, we need to keep college within reach for everyone who wants to go."
The petition, including the full list of student leaders who are leading the petition with Braley, can be viewed and signed at the following link. Braley will hand-deliver the signed petition to Congressional leaders after gathering online signers:
http://www.brucebraley.com/
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