Keep Interest Rates Low
GRADUATE AND UNDERGRADUATE STUDENTS: YOU MUST ACT NOW TO FIGHT AN INCREASE IN THE STAFFORD LOAN INTEREST RATEThe interest rate on Stafford federal government loans is due to DOUBLE on JULY 1, 2012 unless we act immediately. Currently, the interest rate is 3.4% for students receiving federal aid in the form of Stafford loans. The federal government recently took over from various national banks the responsibility of issuing Stafford loans and in the process lowered the interest rate from an inflated 6.8% to 3.4%. This was good news, as our representatives in Congress and the White House understood the need to support our dreams of a college degree by reducing the previously sky high interest rate.
Now, some in Congress are moving to reinstate the 6.8% interest rate. This doubling of the rate will increase your student loan by approximately $1,000 per year. Not all, however, want the interest rate to be increased. President Obama, Secretary of Education Arne Duncan, Senator Chuck Schumer (NY), Senator Kirsten Gillibrand (NY) and others believe the the interest rate needs to remain at 3.4% in order to help us, the students, afford to enroll, remain in college and complete a degree. Their pleas are futile if we do not stand up and voice our support for the 3.4% interest rate. This is not a Democrat vs. Republican debate, as education is valued accross the United States. Governor Romney (MA) has recently stood side by side with his Democratic counterparts in opposition to the increase.
Legislation incorporating the 3.4% interest rate has been written and must be passed by JULY 1, 2012. Time is running out. In an era in which the price of tuition is sky rocketing, students need a reasonable interest rate on Stafford loans. THE SYRACUSE UNIVERSITY STUDENT ASSOCIATION AND THE NATIONAL CAMPUS LEADERSHIP COUNCIL BELIEVE WE MUST TAKE ACTION NOW. Make your voice heard. Sign this petition to tell Congress to keep our interest rate at 3.4%.