I graduated college in 2011 with a bachelor’s degree in journalism, and $22,000 in student debt.
I’m slowly but surely paying back my student loans with a 3.4% interest rate. But on July 1, the interest rate for federal student loans is set to double to 6.8%. Even though I have a job, this is a huge jump in money that I, and millions of other graduates and students like me, cannot afford.
Here’s the kicker, though: the Big Banks that received taxpayer bailouts are only paying 0.75% interest on their loans. It’s a problem, and it needs to change.
And this week, Elizabeth Warren proposed a bill that could change it.
In her Student Loan Fairness Act, she proposes dropping the interest rate on student loans from 3.4% to 0.75%, allowing students to pay the same rate on their loans as the big banks. Watch her introduce the bill here!
With lower interest rates, more students and graduates like me would be able to attend college and pay back their loans when they graduate. It would help educate our young people, and train our future doctors, engineers, teachers and leaders. And with more young professionals, we could grow our middle class and continue to grow our economy.
We need your help to do it - click here and sign our petition to support the law, and forward this to 5 friends so they can do the same!
We can’t allow our students to mortgage their futures to get ahead, only to graduate deep in debt. If we make college more affordable, we can invest in our future and ensure a stronger economy.
Click here to support the Student Loan Fairness Act, and tell your friends to do the same.
Alex Palombo, American Family Voices