Senate to Vote Next Week on Amendment to Keep Student Loans Affordable
With the interest rate on subsidized Stafford student loans scheduled to double on July 1, from 3.4% to 6.8%, last week the House of Representatives passed legislation that would actually make loans even more expensive for students. Under the House bill, all new federal student loans would have variable interest rates that are projected to rise to 7.4% by the time this fall's freshmen graduate from college and make their first loan payment.
Next week, the Senate may vote on an amendment to keep the current fixed interest rate of 3.4% for two years to give Congress and the Administration time to develop comprehensive reforms that truly keep federal student loans affordable for both students and taxpayers. The amendment pays for itself by closing unnecessary tax loopholes.
Tuesday Deadline for Comments on Topics for New Education Department Rulemaking;
Tuesday, June 4, is the last day to submit comments to the Department of Education on topics for negotiated rulemaking. TICAS joined nearly 50 other organizations in sending a letter supporting prompt rulemaking to effectively enforce the statutory "gainful employment" requirement for all career education programs. TICAS and organizations that advocate for students, veterans, consumers, college access and civil rights, as well as state attorneys general, also testified at the Department's public hearings, the last of which will be held on Tuesday, June 4.
Click here to learn about the public hearings and how to submit comments by Tuesday
See the coalition web site, www.ProtectStudentsandTaxpayers.org, for more about the gainful employment rule