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11 Reasons Why Congress Needs To Fix Student Loan Rates Now

Shamefully, Congress failed to act before the July 1st deadline to prevent your student loan interest rates from doubling. This is an issue on which we should all agree. I call on Congress to pass legislation that will retroactively prevent this de facto tax increase on young people already struggling under mountains of debt. At a time when Americans owe more than $1.2 trillion in student loans debt, the last thing we should do is make college more expensive for students and their families. Here are 11 reasons why Congress needs to act on student loan interest rates.

Posted on July 11, 2013, at 11:04 a.m. ET

1. Because on July 1st, your student loan rates doubled from 3.4% to 6.8%.

2. 10 million students nationwide will lose $1,000 per year from the higher rates, and even more under the House GOP plan.

3. If you had that money, you could buy...

4. Student loan debt in America has reached $1 Trillion…

5. $85 Billion of which is past due.

6. The government profits off these student loans, while you suffer.

7. 60% of all students take on some student loan debt.

8. 41% of you with loans will be delinquent at some point, severely hurting your credit scores.

9. Student loans are the second-largest source of consumer debt in the United States after home mortgages.

10. Banks only pay ¾ of a percent, and you shouldn’t have to pay more than the banks!

11. And higher education costs are already too high!

So tell Congress, #DontDoubleMyRate!

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