On July 1st, student loan rates doubled to 6.8%.That’s bad enough --
But now Congress is considering a plan that could hike rates even higher for our students.
Use the calculator below to compare the consequences of the options being considered by Congress.
|__How much you'd pay with proposed interest rates:|
Elizabeth Warren Bill: Senator Elizabeth Warren’s Bank on Students Loans Fairness act would allow students to borrow money from the federal government at the same low rate of 0.75% that the big Wall Street banks which wrecked our economy enjoy.
Current Rate: On July 1st, 2013, interest rate for Subsidized Stafford Loans doubled to 6.8%.
New Senate Bill: The newly proposed bill in the U.S. Senate would use the 10-year Treasury note rate plus 2.05 percent to set federal student loan interest rates. However, this rate could increase each year, going as high as 8.25 percent long term. In fact, this proposal has been specifically designed to pay down Washington's bills. (Sources: Politico & Mother Jones)
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