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Forum Post: Stop student loan rates from doubling

Posted 12 years ago on March 13, 2012, 3:46 p.m. EST by richarb5 (0)
This content is user submitted and not an official statement

The government is taking advantage of us college kids. Congress believes that because we are young they can slip things right by us and nobody will know the difference because we're too busy living our lives, oblivious to the outside world. Well we think that's wrong and we're going to do something about it. They are going to steal your money to fix problems that you haven't caused

As of right now, unless Congress does something within the next few months, interest on student loans are going to double on July 1st of this year. Right now the fixed interest rate on Stafford federal subsidized loans is 3.4% and on July 1st it's going to jump to 6.8%. The problem with this is that it is going to leave us in debt for years longer than we were already going to have to deal with. If you take out the maximum loan of $23,000 that means you're going to pay an extra $5,000 over the course of 10 years and $11,000 over the next 20. The worst part about this is that the government is doing it in a very deceiving manner. It's hardly ever in the news and awareness is piss poor.

So much is being left out even in the news that is covering this topic. The government is expecting us, the young, to cover costs of our failing economy. It's absolutely asinine. There are corporations that pay nothing to help stimulate our economy. Our politicians are in the pockets of the mega-rich and so they try and take advantage of us because the think they can get away with it and then their buddies won't have to pay their fair share.

Here's an article from USA Today that highlights what I've said: http://www.usatoday.com/news/education/story/2012-03-08/student-loans-congress/53420828/1

We can do something about this. Public pressure is what forces politicians to act. Right now almost nothing is being done to protect us. We are going to be in debt for years and the government is alright with that so long as the mega-rich don't have to give any of their huge bank accounts to help fix the problems that they caused. We can stop this from happening but we have to act now. We have to contact our senators and representatives and we need to tell them that what they're doing is wrong and that they should start caring about the people they took an oath to protect rather than the people who don't need even more help than they're already getting. Invite as many people to this group as you can, the more people who act the more pressure will be put on the people who can change this atrocity from happening. Below is a link that gives you all the contact information for your representatives and senators. Take five minutes out of your day and do something that is going to affect you for the rest of your lives.

http://www.usa.gov/Contact/Elected.shtml

I made a facebook group called Control Your Government, anyone can join and post.

Here's a link to the petition I created on change.org: https://www.change.org/petitions/congress-stop-the-student-loan-interest-rate-from-doubling-on-july-1st-of-2012

9 Comments

9 Comments


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[-] 1 points by PopsMauler (182) from Chicago, IL 12 years ago

Hear, hear! Now just be ready for the 1% 'ers who will try and convince you that you aren't entitled to an education at all unless mommy and daddy are rich.

The system is beyond screwed up, and I'm right there with you. Education should be seen as an investment in the country's future, not a means for making profit.

[-] 1 points by Demian (497) from San Francisco, CA 12 years ago

The student debt bubble will be the next one to burst and the banks will come running to Obama and he will save them again, with our tax dollars once again.

[-] 0 points by badorwell (4) 12 years ago

The ROI on student loans is now NULL.

The entire notion of going to college and being saddled with $200K of debt will be seen as a fools game, ... how many years of unemployment? Does it take for the next generation to see that college like home ownership is just a form of slavery.

To answer the question below, the reason prices are skyrocketing is exactly this its the DEBT, everybody spends tomorrows money and nobody cares, ... back in the day I went to college it was all out of pocket and they could only nickel and dime the students, but now they can charges big bucks cuz the schools themselves front for the GoldmanSachs as loan originators.

See high college cost as a bonus paid to the schools by Goldman-Sachs and remember that you the student gets the bill.

[-] 1 points by Normalperson1 (119) from Indianapolis, IN 12 years ago

Has any one bother to ask why the price to go to collage is rocketing up. Do you really believe it is to keep the over paid teachers from leaving? where the hell are they going to go?

[-] 1 points by gestopomillyy (1695) 12 years ago

its always been 6.8. you must have just started down that road of debt. they reduced it for the recession.. they now say the recession is over. theres nothing you can do about it

[-] 1 points by Normalperson1 (119) from Indianapolis, IN 12 years ago

That said it was over back in 2009, and again in 2010, and again in 2011, and again now, so i have to ask when it is really going to be over?

[-] 1 points by gestopomillyy (1695) 12 years ago

most likely never.. this is a 'shift' not a recession. this is the new normal there is no going back this time around.

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[-] 0 points by BlackSun (275) from Agua León, BC 12 years ago

Your first paragraph describes not only young people but most people in this country.

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[-] -2 points by JesusDemocrat (193) 12 years ago

Stop borrowing money even if that means you can't go to school.

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