On July 1, interest rates on student loans will double, jumping to 6.8%, according to current law.
While the Big Banks are now enjoying interest rates of almost zero.
Enter Elizabeth Warren with her first bill as a Senator: It solves the problem by giving students the same rock-bottom interest rates as the big banks.
That’s why the Campaign for America’s Future is joining with Daily Kos to help get it passed.
College students today already graduate with the terrible burden of an average of $25,000 in student-loan debt. Now they face the dire possibility that their student loan interest rates will double to 6.8% on July 1 if Congress fails to act.
Sen. Warren’s bill offers a simple solution: lower student loan interest rates for one year to 0.75 percent, the same rate at which the government loans money to the banks through the Federal Reserve discount window.
Sen. Warren plainly makes the case: “In effect, the American taxpayer is investing in those banks. We should make the same kind of investment in our young people who are trying to get an education.”
She’s standing up for students. It’s time to stand with her.