Future Majority
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Here’s how your interest rate on your student loan might double
If Congress does nothing, this July 1st over 7.8 million undergraduates will see interest rates on new subsidized Stafford loans double from 3.4% to 6.8%, further increasing their debt burden.
Borrowers who will take out the maximum $23,000 in subsidized Stafford loans will see their interest balloon to an additional $5,200 over a 10-year repayment period and $11,300 over a 20-year repayment period.
Info via CalPIRG
- “most daunting challenge can be the cost of college. At a time when Americans owe more in tuition debt than credit card debt”
- “Congress needs to stop the interest rates on student loans from doubling in July”
- “Higher education can’t be a luxury – it’s an economic imperative that every family in America should be able to afford”
- “states also need to do their part, by making higher education a higher priority in their budgets”
- “After all, innovation is what America has always been abt Most new jobs are created in start-ups and small businesses” - true, many by youth
“In 2008, Obama was fresh and relatable, catapulting to celebrity status; he became the face of my generation with a message of hope and change. Now that he’s been in office, the enthusiasm has deflated a bit. No, Obama hasn’t quite lived up to expectations, but it was unrealistic to think that he could keep all of his campaign promises or that he could be everything we had built him up to be in 2008.
With young voters getting ready to help pick a candidate again, the focus is not on keeping up Obama’s coolness, but electing the best person to represent their interests. This election is less about being cool and more about decreasing youth unemployment rates or getting control of student loans — as it should be.”
Interesting take that is part of a larger series by Sara Haile-Mariam on President Obama and the youth vote.
