A college degree is becoming a necessity in today's world. And students are doing whatever it takes to pay for college, including taking on more and more debt. Average student debt levels have more than doubled in the last decade, and nearly two-thirds of all four-year college graduates now have student loans.
Last year, Congress cut the student loan program by $12 billion dollars, money that could have gone to lowering interest rates or making college more affordable. As college costs continue to swell, more students have to borrow to pay for their degree.
A full 39% of student borrowers graduate with unmanageable levels of federal student loan debt.
As more students take out larger loans, private student lenders have worked to increase their subsidies at the expense of students and tax payers. Lenders like Sallie Mae capitalize on excessive federal subsidies and oppose loan reforms that could help students at the expense of their share holders.
The House of Representatives overwhelmingly approved a bill that will help make college more affordable for students around the country by cutting interest rates in half. The vote was 356-71.
We need one last bit of help on this issue. If you are the owner of abusiness, a PTA member, a scientist, active in your church, a localelected official or part of any other local community or neighborhoodgroup, please take a moment to sign the coalition letter which we'll deliver to the Senate sponsors, Senators Edward Kennedy and RichardDurbin.
To sign the letter, click on this link or paste it into your webbrowser:http://www.uspirg.org/action/higher-education/coalition?id4=ES
Sincerely, Rob ThompsonNCPIRG Public Interest Advocate
RobT@ncpirg.orghttp://www.NCPIRG.org
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