On July 1st, interest rates on subsidized Stafford student loans will double from 3.4 percent to 6.8 percent. If Congress does not act, the result would be an additional $1,000 in student loan debt â€“ a de facto tax increase on young people already struggling under mountains of debt â€“ for more than seven million students. Increasingly, recent graduates saddled with student loan debt are postponing other major purchases â€“ like cars and homes â€“ and are even delaying life decisions, including having children or getting married.
So the question is: what would an additional $1000 mean to you right now? How could you better use it than repaying student loan debt?
Tweet me at @SenBlumenthal using the hashtag #Donâ€™tDoubleMyRate or comment on my Facebook page and tell me what you would rather do with $1000. You can also share one of the graphics above on your Facebook page or Twitter.
At a time when Americans owe more than $1.2 trillion in student loans, the last thing we should do is make college more expensive for students and their families. Protecting college students from higher loan rates should be something both sides of the aisle agree on, but instead of helping students and middle-class families succeed, petty partisan politics has led Republicans to introduce plans that would actually cost students more. This is shameful. Tell Congress #Donâ€™tDoubleMyRate.
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