Act to Retroactively Prevent Student Loan Interest Rates Doubling from 3.4% to 6.8%.

On July 1st, Student Loan interest rates doubled from 3.4% to 6.8%. Congress failed to act before this deadline to prevent it from happening. We need to call on Congress to pass legislation that will retroactively prevent this tax increase specifically on young people already struggling under mountains of debt. At a time when Americans owe more than $1.2 trillion in student loans debt, the last thing we should do is make college more expensive for students and their families. Under this increase, 10 million students nationwide will lose over $1000 annually. 60% of college students take on some student loan debt. Student Loans are the second largest source of consumer debt in the United States, after home mortgages. In contrast, banks only pay 3/4ths of a percent.