FOR IMMEDIATE RELEASE
Young Invincibles’ Statement on House Education and the Workforce Committee Hearing on Student Loans
[WASHINGTON, DC] – This morning’s hearing hosted by the House Committee on Education and the Workforce highlighted the important issue of student loan interest rates, which are set to double in July for federally subsidized Stafford loans from 3.4% to 6.8%, unless Congress takes action. Participants discussed ways to set interest rates, as well as the income-based repayment program and the importance of Pell Grant funding.
Young Invincibles’ Deputy Director Jen Mishory said, “Last summer, Democrats and Republicans came together to prevent student loan interest rates from doubling, and this year, students can no more afford to have those rates double. Young Invincibles is looking forward to working with all stakeholders to make sure this doesn’t happen, and that Congress takes long-term action to create a more effective and more affordable student loan system. Doubling of the interest rates would cost students an additional approximately $1,000 per year, at a time when college costs are skyrocketing.”
Young Invincibles recently released The Student Perspective on Federal Financial Aid. To read the full report, visit http://younginvincibles.org/wp-content/uploads/2012/11/Student-Perspective-on-Federal-Financial-Aid-Reform.pdf.
Young Invincibles is a national organization committed to mobilizing and expanding opportunities for all young Americans between 18 and 34 years of age.