By Konrad Mugglestone – Public Policy Fellow at Young Invincibles
So you’ve gotten into your dream school; maybe you’ve completed a few semesters of classes. You’re working on acquiring the degree that everyone has said is the key to your fruitful future. You’re probably looking forward to graduation and being on the road to financial independence.
Yes, the future looks bright for you… once you pay off that degree you’re working on.
Oh, and by the way, if Congress fails to act by July 1st, you’ll be paying even more than you had planned.
(Watch YI’s video on the potential student interest rate hike here)
If you know anyone who graduated this year, then you know someone who is a member of the most indebted class ever. On average, members of the Class of 2013 who had to borrow money for school just graduated with $30,000 in debt! With that same amount of money you could buy a brand new (luxury) car or make a sizable down payment on your first house. (Or many, many burritos. Check out our student debt calculator).
If history is any judge, however, you and your classmates are likely to beat them.
If that weren’t enough, this number will shoot even higher if Congress does nothing to stop interest rates on popular federally subsidized Stafford loans from automatically doubling this year from 3.4% to 6.8%.
But you don’t have to take this lying down. Stand up and act. Let Congress know that the best way to close the deficit is not through overburdening those who are striving to become the engines for American economic growth and recovery with added debt, as some proposals out there do. And let them know that letting rates double is the wrong direction for this generation.
Be sure to join Young Invincibles today for Social Media Day of Action. Tell Congress what you think using #DreamsNotDebt, and #DontDoubleMyRate.
Sign our petition to make your voice heard!