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Senate Dems Act to Stop Student Loan Rates From Doubling on July 1

Statement from Anna Galland, executive director of MoveOn.org, on Senate Democrats’ plan to prevent student loan rates from doubling on July 1st:

“MoveOn members across the country are encouraged by Senate Democrats’ plan to prevent student loan rates from doubling on July 1st. Students and college graduates around the country are drowning in debt; this debt is dragging down our economy and an entire generation. A rate increase on federally subsidized Stafford student loans would simply make college unaffordable for too many Americans.

Today, MoveOn members are participating in 75 events around the country calling on their representatives, particularly House Republicans, to work with their colleagues in Congress and stop student loan interest rates from doubling on July 1st.

Over 480,000 MoveOn members nationwide support Sen. Elizabeth Warren’s Bank on Students Loans Fairness Act, which would give students the same interest rates as the big banks. It is time we start putting the needs of students, recent graduates, and their families before those of the big Wall Street banks.”

A new poll by Public Policy Polling (PPP), released last week, showed that more than four in five voters (83%) want Congress to either keep interest rates on subsidized federal Stafford student loans where they are now, or lower them significantly. The poll also found that voters of all partisan stripes are in agreement; 86% of Republicans, 84% of Democrats, and 77% of independents want Congress to take action before rates double on July 1. The poll also found that the legislation proposed by Senator Elizabeth Warren, known as the Bank on Students Loan Fairness Act, is widely popular. Voters support the legislation by a 2:1 margin (60% in support and only 30% opposed).

VIEW ALL 75 EVENTS PLANNED FOR TODAY: http://civic.moveon.org/event/bankonstudents/

VIEW SEN. WARREN’S MOVEON PETITION HERE: http://petitions.moveon.org/sign/give-students-the-same

VIEW THE POLL HERE: http://s3.moveon.org/pdfs/nationalsurveyresults.pdf