Political Action Edition

Petition statement to be delivered to The United States House of Representatives, The United States Senate, and President Barack Obama

Don't Raise the Interest Rates on Student Loans!

Sign this petition


Note: This petition is a project of Student Debt Crisis and MoveOn.org. By signing, you agree to receive email messages from Student Debt Crisis, MoveOn Political Action, and MoveOn Civic Action. You may unsubscribe at any time. [privacy policy]

Embed This petition

<iframe src="http://petitions.moveon.org/embed/widget.html?v=3&name=dont-raise-the-interest" class="moveon-petition" id="petition-embed" width="300px" height="500px"></iframe>

Don't Raise the Interest Rates on Student Loans!

To be delivered to The United States House of Representatives, The United States Senate, and President Barack Obama

Petition Statement

Do not allow the caps on interest rates for Federal student loans to be subject to the whims of the market. Keep the interest rates on Federal student loans at their current levels,
There are currently 111,081 signatures. NEW goal - We need 125,000 signatures!

Petition Background

Right now, Federal Unsubsidized Stafford Loans have a fixed rate of 6.8% and Federal Subsidized Stafford Loans have a fixed interest rate of 3.4% - much higher than the rate at which the big banks and the government can borrow money. Despite this fact, President Obama's new budget proposal suggests eliminating those caps in favor of tying interest rates on student loans to the whims of the market, plus a few more percentage points for good measure. This might sound like a good idea now, while interest rates are at historic lows, but there's only one way for interest rates to go: UP. Without a cap on Federal Stafford Loans, future borrowers will see the cost of college rise by thousands of dollars simply due to the interest on student loans, never mind the continually skyrocketing costs of tuition. This gimmick is unfair to students and does nothing to address the $1 Trillion worth of outstanding student debt that is already burying 37 Million Americans. Shouldn't we be encouraging higher education by keeping interest rates low? President Obama and Congress stood firm on this point last year, and they should again this year. With the July 1 deadline threatening to jack up costs by $1,000 per loan per borrower, we don’t have time to wait for a long term plan that may or may not kick in by then. We demand that interest rates on Federal Stafford Loans remain capped at 3.4% - a rate that is already much higher than for any other type of commercial transaction in America.

Current petition signers

Loading...

Note: MoveOn Political Action does not necessarily endorse the contents of petitions posted on this site. MoveOn Petitions is an open tool that anyone can use to post a petition advocating any point of view, so long as the petition does not violate our terms of service.