Go here to sign the petition. Read it first and then call your representative and tell him to support The Bank on Students Loan Fairness Act. This is all about YOU! About Education. About the youth of America. So soak some torches, sharpen some pitchforks and head to the phones.
One more thing…the Federal Government is going to make $51 billion dollars off of student loan payments this year. LOOK! That is obscene. Do something about it! Call Congress. Sign the petition. WAKE UP!
The interest rate on federal subsidized Stafford student loans is set to increase from 3.4% to 6.8% on July 1st. If Congress doesn’t act soon, millions of college students will see their student loan payments jump.
Some argue that it’s too expensive to keep government loans at low interest rates, but the federal government makes low interest loans all the time – just not to everyone. Big banks can borrow money through the Federal Reserve discount window at a rate of about 0.75%.
The biggest banks in the country – the ones that wrecked our economy and cost millions of Americans their jobs – pay next to nothing on their debt, while students pay nine times as much. That isn’t right.
The Bank on Students Loan Fairness Act lets students take advantage of the same low rates offered to banks for one year while Congress finds a fair, long-term solution on student loan interest rates.
Unlike the big banks, students don’t have armies of lobbyists and lawyers. But they do have us. Let’s do what’s right and bank on students.