Pursuit of attaining a higher education degree has become increasingly unaffordable for all students and families. In order to reduce the accumulation of debt for students and families loans must be addressed. A minor first move in the right direction would be to reduce the interest rates on both the federal Parent PLUS loan program, which is currently at 7.9% fixed, and the federal Unsubsidized Stafford loan, which is currently at 6.8% fixed. Interest begins to accrue on the PLUS loan after the loan is fully paid out by the federal gov't i.e. the lender; interest begins to accrue on the Unsubsidized Stafford loan after the first disbursement of the loan. It is imperative that the Obama administration collaborate with the US Dept of Ed, and Committee members on achieving this.
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