President Obama said it best: “Everybody will give lip service to this. You’ll hear a lot of folks say, yes, education is important—it’s important. But it requires not just words but deeds.”
That’s what we need from Congress—action, and not just talk. Why? Because if Congress doesn’t act soon, interest rates on some student loans will double on July 1. This would impact more than 7 million students, and cost them an average $1,000 or more in extra payments.
The president took this message of affordable education to the University of Colorado, the University of Iowa, and “Late Night with Jimmy Fallon” last week.
If Congress does nothing, rates on federal Stafford loans will jump—from 3.4 percent to 6.8 percent— potentially adding thousands of dollars to millions of students’ already deep debt.
Today, Americans owe $1 trillion in student loans (that’s more than we owe on credit cards), and the average college graduate racks up close to $25,000. Getting a college education shouldn’t burden young people with a lifetime of debt.
Earlier this year, we helped collect more than 130,000 signatures asking Congress to halt the interest rate hike on these loans. Our efforts helped bring this issue to the forefront, and now President Obama is making it a priority.
But it’s still just words. And, as President Obama said, we need deeds. While students and activists have been raising their voices and building momentum nationwide, Congress has yet to take action.
It’s time for us to take the next step.
Congress, letting the student loan rate double is unacceptable. Tell Congress “#Don’tDoubleMyRate” by signing our petition below.