Tell Speaker John Boehner, and Republican Leader Eric Cantor to stop the student loan rate hike.
Tell Speaker John Boehner, and Republican Leader Eric Cantor to stop the student loan rate hike.
The cost of a college education has been getting more expensive every year. Median earnings have remained stagnant over the past decade while tuition has skyrocketed 45%.
To deal with these increasing costs, past Democratic Congresses, along with President Obama, made huge strides to help students and families better afford college. In addition to enhancing Pell Grants, creating a tuition tax credit, assisting students with paying back their loans, and helping students shop for better deals on schools, Democrats successfully lowered interest rates on need-based student loans to 3.4 percent.
Unfortunately, that reduced rate will double to 6.8 percent this summer if Congress doesn't act. If these rates double, it will make next year's college education $1,000 more expensive for each student borrower. Despite calls to work together to prevent this from happening, House Republicans have so far taken no action. This doubling of loan rates will come at a time when young Americans, and the economy on a whole, can least afford it.
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