You could owe an extra $1,000 unless Congress takes action soon.
Taking out Stafford Loans to help pay for college?
Interest rates on new subsidized loans are scheduled to double on July 1 and more than 7 million students around the country will rack up an average of $1,000 of extra debt each. Congress has the power to stop that from happening. Unfortunately, so far, Republicans in Congress have voted to let those rates go ahead and double in order to pay for tax cuts for millionaires and billionaires.
President Obama knows that’s not acceptable. Today, higher education isn’t a luxury – it’s a necessity that every American family should be able to afford. But it’s also getting more and more expensive.
For the first time ever, Americans owe more in student loans than in credit card debt. That’s why the President is calling on Congress to keep interest rates low so that every hardworking student gets a fair shot at the skills and training needed to get a good job in today's economy.
Sources: White House.gov, Twitter, Facebook, Youtube
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