Congressional Inaction Would Harm Millions of American Students and Families
More than 7 million students and their families rely on Subsidized Stafford Loans to help pay for college. The loans distributed by the U.S. Department of Education currently hold an interest rate of 3.4 percent. But that rate is set to double if Congress fails to act by July 1, 2012. If that occurs, millions of students will see their interest rates soar to 6.8 percent on the new loans they take in the next year thereby causing a steep rise in their loan burden and effectively increasing the cost of attaining a college degree. At a time when tuition is rising at 8.3 percent a year and median wages for young people are falling, young Americans and their families can ill afford more Washington inaction. Click here to read more.