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Tell U.S. lawmakers to ensure that federal student loan interest rates don't double from 3.4% to 6.8%

To: Members of the U.S. Senate and House of Representatives

A trillion dollars of student loan debt isn’t a problem just for graduating college seniors, but for our entire economy. Ensure that the bills introduced in the House and Senate get approved by July 1st to prevent federal student loan rates from doubling from 3.4% to 6.8%.

This petition closed on June 29, 2012.

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Student loan debt has topped $1 trillion -- more than the total amount of credit card debt in the U.S. The average amount of student loan debt for a graduating senior is currently $25,000. Nearly 8 million Americans use subsidized loans from the government to pay for their education. Doubling the interest rate for federal loans will mean that students with $23,000 in debt will pay an additional $5000 over a ten year repayment period, and $11,000 on a twenty year timeline.

Shouldering tens of thousands of dollars in debt is impeding new graduates from working toward important financial milestones like buying a house, or taking risks like starting a business. Unfortunately, the side effect of the bloated cost of a college education is a cycle of borrowing and defaulting on payments that is detrimental to the overall economy.

Lawmakers can keep interest rates from doubling by passing H.R. 3826 and S. 2051, bills to keep the interest rates at 3.4%. Congress should cut federal subsidies for oil companies and banks to finance the education of the country’s future leaders, rather than making students and taxpayers carry the burden of the growing cost of an education.

Issues:
  1. Update #3

    Posted by Jade Kachina (Campaign Leader) on Jun 27, 2012

    Great news! Congress has reached a compromise on the hotly debated student loan issue. Senate leaders announced yesterday that they'd agreed on a deal to keep interest rates on student loans fixed at 3.4 percent for the next year. With more details soon to come, analysts say it's possible that the interest payments extension will be funded by increasing premiums on pension insurance.

    Thanks to all of you who spoke up on behalf of our cash-strapped students. This breaking news affirms the...

    Great news! Congress has reached a compromise on the hotly debated student loan issue. Senate leaders announced yesterday that they'd agreed on a deal to keep interest rates on student loans fixed at 3.4 percent for the next year. With more details soon to come, analysts say it's possible that the interest payments extension will be funded by increasing premiums on pension insurance.

    Thanks to all of you who spoke up on behalf of our cash-strapped students. This breaking news affirms the power of our collective voices – together we can advocate for a stronger democracy and more secure future for all Americans!

  2. Update #2

    Posted by Jessica Dahl (Campaign Leader) on May 25, 2012

    The Senate held two votes yesterday over whether to freeze student loan interest rates at 3.4% or double them to 6.8%. Unfortunately, neither the Republican nor the Democratic measures garnered enough votes to pass. With both parties at loggerheads, we need them to hear how important this is to the future of American education.

    Please invite your friends to sign the petition - http://bit.ly/JJxCaf. We have just 42 days left until the rates double on July 1, 2012. Let's all do our part to make our voices heard!

  3. Update #1

    Posted by Jessica Dahl (Campaign Leader) on May 2, 2012

    Thank you for putting pressure on Congress by signing the petition. Fortunately, we are one step closer - the US House of Representatives approved a plan last Friday to keep the interest rates at 3.4% for another year!

    It is critical that we keep pushing. Unfortunately, there is disagreement between parties over how to pay for the extension. We only have a few months for Congress to agree on a plan, or the hike in interest rates to 6.8% will go into effect on July 1, 2012.

    Please invite...

    Thank you for putting pressure on Congress by signing the petition. Fortunately, we are one step closer - the US House of Representatives approved a plan last Friday to keep the interest rates at 3.4% for another year!

    It is critical that we keep pushing. Unfortunately, there is disagreement between parties over how to pay for the extension. We only have a few months for Congress to agree on a plan, or the hike in interest rates to 6.8% will go into effect on July 1, 2012.

    Please invite your friends to sign this petition to demand that Congress agree on a plan that will keep student loan interest rates at 3.4%!

    Invite them here: http://bit.ly/JGLW4i

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Discuss the petition

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This is absurd! I have women in my program that have in excess of $43,000 worth of student loan debts. And no degree. They will never get out of debt. The biggest "offenders" are the online private university that charge outrageous tuition and get the students to apply for student loans from the beginning, the majority of them have no concept as to the aftermath. They are trapped with the school because they have credits built up that WON'T transfer to accredited colleges, or they graduate...

This is absurd! I have women in my program that have in excess of $43,000 worth of student loan debts. And no degree. They will never get out of debt. The biggest "offenders" are the online private university that charge outrageous tuition and get the students to apply for student loans from the beginning, the majority of them have no concept as to the aftermath. They are trapped with the school because they have credits built up that WON'T transfer to accredited colleges, or they graduate with a WORTHLESS degree that limits then from pursuing a masters. In essence, they abuse people who want a degree and have to support themselves at 2-3 jobs, fully believing that education is the ticket to a better life...and it is...as long as you don't have thousands and thousands of debt you can't repay. I know personally that Kaplan University did this to one of my employees. She has $65,000 worth of debt with a degree that few will recognize. I am pleading with the lawmakers to stop these schools from taking advantage of students in order to substantially increase their profit margin. This is not only burdening the students, but also our economy. I also am requesting that a thorough investigation be made into the practices of the for profit universities immediately.

See previous replies
Terri Carroll

Laura Daniel I feel your pain. I go to AIU on ground and that's precisely why I'm transferring to a traditional university. AIU's tuition is ridiculous for what you get and it just went up and the beginning of this quarter.

Janetta Dunkerson Cox

The cost of online school's should be limited to the same amount as non-online colleges. The cost is absolutely out of site. You don't realize it until your neck deep in student loans.

JUST GIVE THE COUNTRY A DAMM BREAK OBAMA!

All their doing is making sure that people either cannot go to school or keep the American people in debt!

Melissa Ramsey

Sherri Perry Mitchell Thanks. I did not catch that.

have to vote and keep attentive to all these issues so to keep a cap on it otherwise the powers that be will destroy the hope of the average person....

I think this is terrible and you will receive what you put out, good or bad. in this particular case, not fair/unfair! I'm going to put scripture on this cause you tax collectors, tax raisers, & other corrupt government officials aren't trying to hearing what the people that you are taxing to poverty have to say about this. Job 27:17 Though he heap up silver as the dust, and prepare raiment as the clay;.
17 He may prepare it, but the just shall put it on, and the innocent shall divide the...

I think this is terrible and you will receive what you put out, good or bad. in this particular case, not fair/unfair! I'm going to put scripture on this cause you tax collectors, tax raisers, & other corrupt government officials aren't trying to hearing what the people that you are taxing to poverty have to say about this. Job 27:17 Though he heap up silver as the dust, and prepare raiment as the clay;.
17 He may prepare it, but the just shall put it on, and the innocent shall divide the silver.
18 He buildeth his house as a moth, and as a booth that the keeper make.
19 The rich man shall lie down, but he shall not be gathered: he openeth his eyes, and he is not.
20 Terrors take hold on him as waters, a tempest stealeth him away in the night.
21 The east wind carrieth him away, and he departeth: and as a storm hurleth him out of his place.
22 For God shall cast upon him, and not spare: he would fain flee out of his hand.
23 Men shall clap their hands at him, and shall hiss him out of his place. James 1:9 The brother in humble circumstances ought to take pride in his high position. 10 But the one who is rich should take pride in his low position, because he will pass away like a wild flower. 11 For the sun rises with scorching heat and withers the plant; its blossom falls and its beauty is destroyed. In the same way, the rich man will fade away even while he goes about his business. 12 Blessed is the man who perseveres under trial, because when he has stood the test, he will receive the crown of life that God has promised to those who love him. James 5:1 Go to now, yes rich men, weep and howl for your miseries that shall come upon you. 2 Your riches are corrupted, and your garments are motheaten. 3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Yes have heaped treasure together for the last days. 4 Behold, the hire of the labourers who have reaped down your fields, which is of you kept back by fraud, crieth: and the cries of them which have reaped are entered into the ears of the Lord of sabaoth. 5 Yes have lived in pleasure on the earth, and been wanton; yes have nourished your hearts, as in a day of slaughter. 6 Yes have condemned and killed the just; and he doth not resist you. Luke 18:22 When Jesus heard this, he said to him, “You still lack one thing. Sell everything you have and give to the poor, and you will have treasure in heaven. Then come, follow me.” 23 When he heard this, he became very sad, because he was a man of great wealth. 24 Jesus looked at him and said, “How hard it is for the rich to enter the kingdom of God! 25 Indeed, it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God.” God's Comfort in Tribulation / 2Corinthians 1-7.

3Blessed be God, even the Father of our Lord Jesus Christ, the Father of mercies, and the God of all comfort;.

4Who comforts us in all our tribulation, that we may be able to comfort them who are in any trouble, by the comfort with which we ourselves are comforted of God.

5For as the sufferings of Christ abound in us, so our consolation also abounds by Christ.

6And whether we be afflicted, it is for your consolation and salvation, which is effectual in the enduring of the same sufferings which we also suffer: or whether we be comforted, it is for your consolation and salvation.

7And our hope of you is steadfast, knowing, that as you are partakers of the sufferings, so shall you be also of the consolation. this to you all that are suffering doing the time of tribulations. may you be comfort & blessed <3.

The Promises of God: Are: Confirmed in Christ.
The Promises of God: Are: Exceeding Great and Precious.
The Promises of God: Are: Fulfilled in Christ Already.
The Promises of God: Are: Given to Those Who Believe.
The Promises of God: Are: Good.
The Promises of God: Are: Holy.
The Promises of God: Are: Inherited Through Faith and Patience.
The Promises of God: Are: Obtained Through Faith.
The Promises of God: Are: Performed in "Due Season" B'blessed by this in JESUS name I pray, Amen<3.

Katrina ExclusivelyElite Hill

GO SIGN THIS PETITION! & POST A COMMENT TOO

Sue Hurll-Bastian

It's not the taxing to poverty, it's pouring the INTEREST into the treasuries of the Rich and powerful. Mt. 5 says it best: Blessed are the poor, for the Kingdom shall be theirs. When Jesus had a meal with a corrupt tax collector, he changed his way and returned all his evilly obtained earnings to the ones he had demanded TOO MUCH INTEREST from. Our Bankers who want to double the interest have obviously not made the Christ connection. So sad. Let's not forget to PRAY in the Power of the Spirit on this one. We need FREEDOM not bondage to educational debt.

Student loans are seen as financial aid and touted as such by financial aid counselors. I believe they are just acting as agents for the big banks to load on debt to students for repayment when they can least afford it. When I was 35, I became totally disabled, permanently, and could no longer work. By the laws in place, my student loans would be forgiven due to this. Yet, despite being certified by Social Security as totally and permanently disabled, the student loan holder (every...

Student loans are seen as financial aid and touted as such by financial aid counselors. I believe they are just acting as agents for the big banks to load on debt to students for repayment when they can least afford it. When I was 35, I became totally disabled, permanently, and could no longer work. By the laws in place, my student loans would be forgiven due to this. Yet, despite being certified by Social Security as totally and permanently disabled, the student loan holder (every correspondence was from a different source) spent 10 years hounding me for repayment saying "the SSA's determination of disability isn't good enough for us". Come on, people, it's the strictest standard that exists! I will never feel good about this predatory program.

my daughter is 18 and a single mom and she cant go to college we could never afford it and she want to be a writer so bad she had a poem published in young poets of america she is real good but because of the outragious cost she probably wont get to go to college.

Daniel Black

That is why we have government grants like F.A.F.S.A doesn't take much to get a grant of 2,000 for a 900 dollar tution. Books, notebooks, and everything u need can be bought with the grant. I went to college without spending a dime. Even get cash for whatever you don't spend from the grant.

Everyone needs to sign this.

My husband and I are already trying to repay student loans; we lost our dream home in 2008 due to breast cancer (I was not able to work-no 2nd income), so needless to say we are struggling to repay our debts. I'm looking to go back to school and need degrees in the field of choice. To increase the loan rates makes it difficult to make the decision. Please don't do this.

Lena Velez

Double? Wow, that will insure the next generation goes down the toilet! Who do they expect to pay these kinds of fees. It baffles me that higher education is so expensive.

I have twins in college with one getting ready to graduate in June and either one has been able to find a job. Raising the interest now is not going to fix the economy, it is going to send it backwards. There are alot of us out there that are still trying to save our house and be a good parent and put our children through college. Please vote not to raise the the student loan rates it is hard enough as it is.

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