Choosing millionaires over millions of students

April 27, 2012

U.S. Secretary of Education Arne Duncan, via the Huffington Post: "a policy change is coming that will make getting out of debt more expensive for over 7 million young Americans: without Congressional action, the interest rate on subsidized Stafford loans is set to double from 3.4% to 6.8% starting July 1, 2012."

Progressive Point: Everyone deserves a shot at the American dream. It is not right to protect the richest 1% at the expense of aspiring young Virginians striving to pursue that dream. Conservatives in Congress would make our students pay to protect tax giveaways for CEOs.

Keeping college affordable is critical for our future and our economy. Right now, time is running out for the more than 177,000 Virginia students who depend on subsidized federal students loans to go to college. Investing in education is a shared investment in all of our futures. Forcing millions of students to pay more so that millionaires can pay less is wrong for America, and its wrong for Virginia. 

Get the Facts:

• Without Congressional action, interest rates on new subsidized loans will double on July 1^st, costing more than 7 million students an average of $1,000 of extra debt each. (WhiteHouse.gov)


• "For the first time ever, Americans owe more in student loans than in credit card debt." (WhiteHouse.gov)


• Roughly two-thirds of bachelor's degree holders take out loans to go to school, graduating with more than $26,000 in debt. (Sec. Arne Duncan, Huffington Post, April 27, 2012)

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