Jun 20, 2012
DCCC Launches StudentLoanCountdown.com
The Democratic Congressional Campaign Committee is launching www.StudentLoanCountdown.com today to count down the final 10 days before student loan rates will double for 7 million students and their families because House Republicans failed to act. Just today, House Republicans voted to block a bill that would prevent student loan rates from doubling, paying for it by ending the taxpayer subsidies for Big Oil companies. If House Republicans don’t act in the next 10 days, people with student loans will be forced to pay an additional $1,000.
At StudentLoanCountdown.com, visitors can sign a petition to Speaker Boehner and Republican Leader Cantor to stop the student loan rate hike. Two-thirds of all college students graduate with student loan debt and their average debt is about $25,000.
“If House Republicans don’t act in next 10 days, student loan rates will double, costing students $1,000 more,” said Jesse Ferguson of the Democratic Congressional Campaign Committee. “Rather than making sure student loan rates don’t double, House Republicans just again voted to protect tax breaks for Big Oil instead. House Republicans’ wrong priorities have left students to face loan rates that will double in 10 days and counting.”
BACKGROUND
House Republicans Voted Against a Plan to Prevent an Increase in Student Loan Interest Rates. Today, House Republicans voted against considering the Stop the Rate Hike Act of 2012. The measure would keep interest rates on need-based student loans at 3.4 percent in 2013, saving borrowers an average of $1,000 in loan repayment costs. Costs for the measure would have been offset by ending tax breaks for Big Oil. [H RES 691, Vote #389, 6/20/12]
Two-Thirds of College Graduates Have Student Loans to Pay Off. “About two-thirds of college graduates have some student loans to pay off, and their average debt is about $25,000 to $28,700, according to estimates by education experts and organizations. (About 10% of those with loans owe more than $50,000 or so.)” [LA Times, 5/20/12]
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