Earlier this month, student advocates and organizations converged on Capitol Hill for “Student Debt Day,” and Young Invincibles held a Social Media Day of Action to express their concerns about the student debt crisis and the doubling of interest rates. Now, with only a handful of days left until the July 1 deadline, interest rates for federally subsidized Stafford Loans will double to 6.8% unless Congress takes action.
If interest rates double, more than 7 million borrowers will be forced to pay an additional $1,000 in student loan payments each year. This is unacceptable. A wonderful infographic provided by Democracy for America shows that student debt has quadrupled in the last 10 years and that young people in the United States already pay 800% more in interest than big banks. All at a time when yearly earnings for college graduates 24-35 years old has declined $10,000 since 2000.
Since 1978, the average price of tuition at U.S. colleges has increased over 900%, and 650 points above inflation. And with the increase in tuition has come the increase in debt young people have to incur to attend college. This is an issue that transcends party lines, and campus groups from all political spectrums have been rallying around finding solutions to the student debt crisis. Members of Congress have also been directly affected. Today, 46 members of Congress (22 Democrats and 24 Republicans) owe up to $4.3 million in student loans.
Interested in taking action yourself?
1. Sign the petition to prevent student loan rates from doubling at OurTime.org/july1st.
Be heard. Take action today and tell Congress #DontDoubleMyRate!