When Obama signed the Budget Control Act of 2011 last August, he agreed to abolish subsidized Federal Direct graduate student loans. Beginning in the 2012-2013 academic year, all graduate student loans will be unsubsidized, and students will incur interest at 6.8% while in school and throughout the repayment period. The interest accrued while in school will be compounded upon graduation, adding to the principal amount that students borrowed. This issue was overshadowed by the discussions about Pell Grants for undergraduate students, and now graduate students are finding out that the loan subsidies they counted upon in previous years have been taken away from them entirely. Please tell Obama to acknowledge the value of graduate education in this country and to help make it affordable.
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