Towson, MD., June 26, 2013 – On July 1 all government subsidized Stafford loans will have their interest rates doubled to 6.8%. As a governing and advocacy body for the 18,000 undergraduate students of Towson University, the Student Government Association hereby calls for the United States Congress to act and avert this crisis.
College affordability is not a priority in all states or at every institution; but regardless of this fact we can still hold true that all students have a right to an affordable education. Higher education has been proven time and time again to be a leading factor in class mobility in the United States. Allowing student loan rates to double for no reason other than not wanting to compromise across the aisle is simply unconscionable.
We, as students, watch as reports continue to come out stating that student loan debt has now overtaken credit card debt in the United States. While this is unsettling, it is not nearly as terrifying as the realization that those who are meant to be governing on our behalf refuse to compromise for the good of students across the country.
If Congress fails to act, many students will face the decision of whether or not they can afford to return to class in the fall. A student’s ability to pay back their loans, an investment the government has made in them, hangs in the balance with the continuing negligence in Washington.
Action to avoid doubling interest rates of the subsidized Stafford loans is the only answer. We ask that this Congress stand up and do what is right for the next generation of teachers, nurses, scientists, and community leaders alike; don’t double our rate.