While the Obama administration has already introduced many helpful reforms to the student loan industry, many people who attended college in the past had to take private student loans in addition to federally-backed loans. These private loans often have higher interest rates than federally-backed loans and have very few repayment options for people with low incomes.
This petition asks that these private loans be allowed to be consolidated into the Direct Loans Consolidation program, which offers lower interest rates and more flexible repayment options for people experiencing financial hardship.