Coalition Letter Urging Senate Not to Use Student Borrowers as a “Cash Cow”
Six student, youth and education organizations leaders told the Senate that “students should not be seen as a cash cow” in the continuing debate over student loan interest rates. In a joint letter to Senate Majority Leader Reid and Minority Leader McConnell, the groups underscore why many long-term proposals being considered would leave students worse off than if Congress did nothing at all. The letter spells out how “budget-neutral” proposals lower interest rates for today’s students only by charging tomorrow’s students significantly more, and notes that none of these proposals is based on the government’s actual cost of borrowing and running the loan program. It concludes: “We need a deal that is based on research and evidence and is good for ALL students in the short and long term, not a deal for a deal’s sake. Students deserve better.”
