{"id":1267,"date":"2013-06-27T12:29:00","date_gmt":"2013-06-27T16:29:00","guid":{"rendered":"https:\/\/students.bowdoin.edu\/bsgtest\/?p=1267"},"modified":"2024-01-15T17:26:41","modified_gmt":"2024-01-15T17:26:41","slug":"statement-on-student-loan-interest-rates","status":"publish","type":"post","link":"https:\/\/students.bowdoin.edu\/bsg\/archive-2023\/statement-on-student-loan-interest-rates\/","title":{"rendered":"Statement on Student Loan Interest Rates"},"content":{"rendered":"

\t\t\t\tBowdoin Student Government<\/strong>
\nOffice of the Executive Committee<\/p>\n

\n

For Immediate Release
\n26 June 2013<\/p>\n

Student Loan Interest Rates<\/h1>\n

We call upon our elected officials in Washington, together with students from across the country, to urge you to prevent interests on subsidized Stafford loans from doubling on July 1 from 3.4% to\u00a06.8%.<\/strong> This is an\u00a0opportunity to take meaningful steps to address the growing\u00a0student debt crisis, and we ask\u00a0you to take\u00a0meaningful action on this issue.<\/p>\n

Student debt is skyrocketing, now exceeding $1 trillion, with the average student holding $27,250 in loans by graduation day. These figures have grown 58 percent in just seven years. This enormous level of student debt weighs heavily on students, our families, and our economy, forcing young Americans to delay major life decisions like buying a home or starting a family. Low interest loans are an\u00a0economic necessity, allowing lower income families to reach the middle\u00a0class and maximizing the consumer power of students who have\u00a0to borrow to\u00a0finance school. With bipartisan support for affordable interest rates and several proposals on the table, we urge you to keep a\u00a0few principles in mind:<\/p>\n

    \n
  1. Low interest rates make a difference.\u00a0<\/strong>When interest rates were scheduled to double in 2012, the intensity of\u00a0student responses demonstrated what $1,000 means for college students and recent graduates. Any market-based program should include some protections against unpredictable, high interest rate environments, e.g. a cap on how high student loan interest rates can go.<\/li>\n
  2. Repayment options must be simple and\u00a0predictable.\u00a0<\/strong>Comprehensive student loan reform should include improved repayment options, such as an automatic income based\u00a0repayment program or student loan refinancing\u00a0options. These programs help minimize the impact that a\u00a0high student debt burden has on graduates\u2019 major\u00a0life decisions.<\/li>\n
  3. Reinvest any cost savings back into financial aid.\u00a0<\/strong>Student loan reform cannot come at the expense of other\u00a0vital education programs, and we ask that any cost savings\u00a0be reinvested\u00a0in education\u00a0to increase college access, support student success, and keep student debt low. It should be a goal to make any long term plan cost-neutral or add investment to programs like Pell.<\/li>\n<\/ol>\n

    Expanding access to post-secondary education improves the success of our country as\u00a0a whole. Investing in the American people is the key to a\u00a0dynamic 21st\u00a0century economy that can support long-term growth. If a\u00a0college education falls out of\u00a0reach for millions of\u00a0Americans, our entire economy will suffer the consequences. Young people with student loans are less able to purchase homes and participate as consumers in our economy. Raising the interest rates on student loans exacerbates the problem by unnecessarily pushing students further into debt and limiting future economic growth. Our classmates and their families represent a broad range of ideologies and backgrounds. However, the vast majority of\u00a0students on this campus and campuses across the country are rallying again, as we did last year, around the belief that everyone should have access to world-class education at an\u00a0institution like Bowdoin.<\/p>\n

    We urge our elected officials to take action by\u00a0July 1 and\u00a0believe now is an\u00a0opportunity to implement a comprehensive, student-centered approach to student loan reform to\u00a0more aggressively tackle the student debt crisis. If long-term plans prove\u00a0politically impossible, we support a short-term extension of the current rates\u00a0at 3.4% until a\u00a0time when such comprehensive reform proves politically viable.<\/p>\n

    By Order of the Executive Committee of Bowdoin Student Government<\/em>
    \nNEMINE CONTRADICENTE<\/strong><\/p>\n

    Sarah Nelson ’14, Chairman<\/em>
    \nAllen Wong Yu \u201914
    \nRoberto Tavel \u201916
    \nJordan Goldberg \u201914
    \nMegan Massa \u201914
    \nDaniel Mejia-Cruz \u201916
    \nDavid Levine \u201916<\/p>\n

    Letter to Senator King re. Student Loan Interest Rates<\/a> by bowdoinbsg<\/a><\/p>\n

    Letter to Senator Collins re. Student Loan Interest Rates<\/a> by bowdoinbsg<\/a><\/p>\n

    Letter to Congressman Pingree re. Student Loan Interest Rates<\/a> by bowdoinbsg<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Bowdoin Student Government Office of the Executive Committee For Immediate Release 26 June 2013 Student Loan Interest Rates We call upon our elected officials in Washington, together with students from across the country, to urge you to prevent interests on subsidized Stafford loans from doubling on July 1 from 3.4% to\u00a06.8%. This is an\u00a0opportunity to […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-1267","post","type-post","status-publish","format-standard","hentry","category-archive-2023"],"yoast_head":"\nStatement on Student Loan Interest Rates - Bowdoin Student Government<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/students.bowdoin.edu\/bsg\/archive-2023\/statement-on-student-loan-interest-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Statement on Student Loan Interest Rates - Bowdoin Student Government\" \/>\n<meta property=\"og:description\" content=\"Bowdoin Student Government Office of the Executive Committee For Immediate Release 26 June 2013 Student Loan Interest Rates We call upon our elected officials in Washington, together with students from across the country, to urge you to prevent interests on subsidized Stafford loans from doubling on July 1 from 3.4% to\u00a06.8%. 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