Today, millions of American's are burdened by student loan debt. Many recent graduates are in default and many more are struggling to make their payments, despite the varying repayment options available.
Student loan interest rates are set by Congress years in advance based on predictions of future interest rates. This practice has left the majority of student loans at an interest rate of over 6%, many at 6.55%, while the current interest rate on a 10 year U.S. Treasury loan is less than 2%.
Countless Americans are taking advantage of record low interest rates to refinance their debt, yet recent graduates are left saddled with interest rates far in excess of market rates. This petition requests a solution to this problem, reducing interest payments to reinvest in the economy.