Target: Senate Majority Leader Harry Reid
Goal: Keep student loan interest rates from rising with market inflation
On Thursday of last week, the Republican-controlled House of Representatives passed a bill that would tie student interest rates to market fluctuations. This will effectively increase fixed rates and further inflate the cost of higher education.
Most alarming about the bill would be its effect on Stafford Loans, which are reserved for low-income individuals and fixed at an interest rate of 3.4 percent. If the bill passes the Senate and is signed by the president, those rates are predicted to jump to 6.8 percent on July 1st. Pundits expect the bill to fail, as both the Senate majority and President Obama have voiced criticisms over it, but it is paramount for citizens to make certain that this bill has no chance of survival, or any bills resembling it, by petitioning Senate Majority Leader Harry Reid to strike it down.
Supporters of raising Stafford Loan rates are citing the hike’s potential to cut our national deficit by $3.7 billion over the next ten years. The national debt is over $16 trillion currently, the deficit being in the trillions itself, so raising debts on students and furthering burdening the possibilities of gaining an education would be for the sake of a .0002 percent reduction of the debt? The measure to increase student loan rates is purely criminal.
The most vocal politician on the issue is Massachusetts Senator Elizabeth Warren. Warren has countered the house bill that seeks to raise Stafford Loans by 2.5 percentage points by sponsoring her own bill that would reduce rates to .75 percent, the same rates afforded big banks from the Federal Reserve. So hope still remains, some politicians are not attempting to bankrupt students, and by loudly voicing our disapproval toward measures that increase educational costs we will be opening the possibilities for counter measures that reduce costs. Sign this petition to Harry Reid outlining our contempt toward any increase in student loan rates.
Strike down the upcoming bill that increases student loan interest!
Our debts are suffocating, we have already been robbed by banks and corporate welfare, do not allow an additional plunder of our pockets. Instead allow us to thrive through education, endorse motions to reduce educational costs, not increase them. The American people have been submerged in tyranny far too long, the tyranny of oppressive debts, costs, and inadequate pay; for once grant us an opportunity.
It is stated that the upcoming bill would have the effect of chiseling away $3.7 billion of our national deficit over the next ten years. Is that a sufficient reason to hinder higher education for the masses? It has been proposed that not governments, but markets, should dictate the rates of loans in order to maintain a free market. What free market? The market is only free for conglomerates to seize, control, and pillage anything sustainable in the pursuit of profits and power. And it has been stated that there is a possibility for compromise over this issue. Compromise? How can one negotiate the robbery of American people with a clear conscience?
It is understood that the Senate majority does not support this upcoming bill, it is also understood that the Senate majority does not necessarily support a reduction of educational costs. Knowledge is the only pathway to freedom, and freedom is the only pathway to democracy. Therefore, resist any initiatives that burden the abilities of Americans seeking an education. Propose measures that will open the possibilities for Americans to education. Foremost, strike down this atrocious bill that passed the House.
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Photo Credit: Damien Benoit via Flickr