Letter to the Senate Supporting the Stop the Student Loan Rate Hike Act
May 07, 2012
On behalf of the more than three million members of the National Education Association (NEA), we urge you to VOTE YES on the Stop the Student Loan Interest Rate Hike Act (S. 2343), scheduled for floor consideration this week. This critical legislation will stop interest rates on federal student loans from doubling.
Higher education opportunities allow individuals to succeed in jobs with career potential and upward mobility. Federal student loan programs provide critical access to postsecondary education to low and middle-income students and their families. Unfortunately, with college costs on the rise, more students have to take out greater loans to cover their tuition and other college costs, while incurring record student debt.
With interest rates set to double July 1, millions of students are facing an additional burden that may put college out of reach. The average student will face an additional $1,000 in debt if the interest rate is allowed to increase. Adding to the student loan debt burden will not only harm students, but will impact our economy, as those who face crushing debt cannot buy homes or cars, start businesses or support families, or invest, invent, innovate or otherwise contribute to economic recovery.
Keeping the interest rate low will help students pursue the postsecondary education so critical for success in today’s global economy.
We urge your support for this important legislation.
Director, Center for Advocacy
Director of Government Relations