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.
Take like 15 seconds and put your name on this. There are already more than 300,000 signatures. And as always, thank god for elected officials who proactively do things like this like Elizabeth Warren.
Reshma survived, in remarkably good shape, by eating dried food that was in her area and drinking spare amounts of water with her. She was discovered on the second floor of the eight-story Rana Plaza building, where crews have been focused on recovering bodies, not rescuing survivors, for much of the past two weeks.
“I heard voices of the rescue workers for the past several days. I kept hitting the wreckage with sticks and rods just to attract their attention,” she told the private Somoy TV from her hospital bed as doctors and nurses milled about, giving her saline and checking her condition.
“No one heard me. It was so bad for me. I never dreamed I’d see the daylight again,” she said. (AFP/Getty Images)