Thursday, June 14, 2012

About doubling student loan interest rates

New Faculty Majority board member Ross Borden reminded us recently about the July 1 deadline for setting Stafford loan rates. Unless Congress acts before July 1, the fixed rate for all new subsidized Stafford loans will be doubled, from 3.4% to 6.8%. The House has already voted to keep the present rate, but by cutting funds to implement the Affordable Care Act. The Senate is divided between Republic and Democratic plans.

Student loan debt is not just a student issue but an adjunct / contingent faculty issue as well. NFM is discussing an official letter writing or fax campaign, perhaps coordinated with other higher education advocacy groups or another campaign for maximum effect.

In the meantime, we can each take action as individuals and urge others to join us.

  • Join "tweetout" using the hashtag #dontdoublemyrate. Send and RT messages, petitions, updates, links. Tag your Senators, relevant committee members and @whitehouse so they get copies. Check here for an idea of tweet volume to date. Student associations are also participating.
This letter supports the more than 130,000 students who delivered letters to Congressional leaders asking them to stop student loan interest rates from doubling from 3.4 to 6.8 percent. The letter will be sent to the Senate and to the President.
I'll be adding more to the list between now and July 1 ~ send me yours to include ~ and I'll keep you updated on our campaign too. 

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