Cut student loan interest rate
On behalf of South Carolina students, we are calling for a bipartisan solution to the nationís rapidly escalating student debt.Recently student loan debt topped $1 trillion nationwide with the average graduate more than $25,000 in debt.
On July 1, the subsidized Stafford loan interest rate will double and put most borrowers $2,800 deeper in debt. In an uncertain economy, we simply cannot afford to accumulate more debt.
This month, the Senate was set to consider a bill to prevent new subsidized Stafford college loans from doubling; however, nothing came of it. We ask our lawmakers to seriously consider the students. These students will one day hold offices and shape our countryís future. We hope that our future leaders will be highly educated.
Higher education is supposed to be an investment in oneís future. For many people, this is no longer the case.
College graduate unemployment is the highest it has been since 1970, when it was first recorded.
An increasing number of graduates are defaulting on their payments, damaging their credit. Why would potential students take on the burden of a doubled interest rate when they are not guaranteed a return on their investment?
Some elected officials are voting in favor of blocking a bill solely for internal politics. They do so at the expense of college students.
Students of South Carolina need the interest rate to stay at its current level of 3.4 percent. Members of Congress were elected to represent us to the best of their abilities.
Now is the time.
Student Body President
College of Charleston
This letter was also signed by: Kenny Tracy, student body president of the University of South Carolina, and McKee Thomason, student body president of Clemson University.