Congress Votes To Stop Student Loan Interest Rates From Doubling
A strong bipartisan majority in Congress just passed a bill that prevents student loan interest rates from doubling for more than 7.4 million low- and middle-income students and their families on July 1. Without action, the increased interest rate for undergraduates receiving subsidized Stafford loans would have resulted in an extra $1,000 in debt for every year of school. Read more details here.
Six months ago, most people assumed that interest rates would double. Congress was just too dysfunctional, and students were not politically powerful. The House GOP budget actually projected that Congress would do nothing to stop the interest rate hike.
But the doubters were wrong. Together we changed the status quo. You shared your stories, came to D.C., and called (and tweeted at) your Representatives. As a result, millions of students will have a more affordable college education.
Obviously, the work must continue. College costs and student debt will continue to rise unless we push for more comprehensive solutions while defending key programs like Pell grants. Our generation needs to get registered and vote. Just as importantly, we need to stay engaged after the election to make sure our Representatives respond to our concerns.
But we can pump our fists for now because today was a big victory. Let's keep it up!