Under pressure from the White House, members of Congress are plowing forward with a student loan interest rate “solution” that is bad for students — worse for students in the long run than allowing the current interest rate (6.8%) to stand. And it doesn’t get any better — they are voting on it in TOMORROW, on Tuesday, July 23rd.

With the Student Loan Certainty Act of 2013, the government stands to make $184 billion over 10 years off the backs of hard-working students, pushing them further into debt, and making it harder to pay for college.Democracy for America just recently updated their debt calculator to show you how much you would pay if this bill passes.

According to a statement from Lauren Asher, president of The Institute for College Access and Success:

The student loan interest rate compromise reached by the Obama Administration and Senate negotiators from both parties is more a missed opportunity than a cause for celebration. While Senate Democrats succeeded in including caps on how high rates can rise, the agreement is still projected to cost students more, not less.

And many other groups agree. The American Federation of Teachers, National Education Association, The Education Trust, The Institute for College Access andSuccess, U.S. PIRG, United States Student Association, and Young Invincibles sent a letter earlier this week to Senators Harry Reid and Mitch McConnell, telling them Congress should be investing in college students, not using them as cash cows. They warned of the dangers of a hurried, long-term deal:

“We all want a long-term fix,” they write. “But making the switch to a long-term plan today, without addressing these fundamental questions, is a mistake
that will not make college more affordable nor help students and the economy.”

With only one day until the vote, it’s important that activists flood their senator’s office at 202-224-3121, telling them to vote “NO!” on the Student Loan Certainty Act of 2013.If you don’t know what to say, no worries. We’ve got you covered:

The Student Loan Certainty Act of 2013 (S.1241) is a bad idea — instead of investing in college students, Congress is using them as cash cows.Americans already owe over $1 trillion dollars in student debt. Going to college shouldn’t mean a lifetime of crushing student loans, and it’s unjustifiable for Congress to be paying off the deficit on the backs of our youth.Students need relief from high college costs, not higher interest rates. Please Vote “No!” on the Student Loan Certainty Act of 2013.

Thank you.

 

Thankfully, there are members of Congress who are listening to us — both Senators Reed (D-RI) and Warren (D-MA) have come out in opposition to this legislation. But we need to make sure more senators stand with them so that this bill doesn’t get through.Cross-posted at I AM NOT A LOAN.