In the Loop: May 2013
Here's what NSSLHA members need to know:
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Stop Interest Rate Hikes on Federal Stafford Student Loans
Both the House of Representatives and the Senate are set to consider legislation to stop interest rates on student loans from doubling this summer. On July 1, 2013, under current law interest rates on undergraduate subsidized federal Stafford Student Loans will double from the current 3.4% to 6.8%. Legislation has been introduced to maintain the 3.4% rate in the House and the Senate. Please contact your members of Congress today urging them to cosponsor and support this legislation. Given the importance of this issue we strongly encourage you to add your own personal experiences to the letter.
The College Cost Reduction and Access Act (CCRAA) of 2007 (Public Law No: 110-84) temporarily brought down interest rates on federal Stafford Student Loans to 3.4 %. However, the provision that reduced the rate is set to expire on June 30, 2013. Legislative proposals would freeze Stafford Student Loan rates at the current level of 3.4%, preventing the increase to 6.8% that is scheduled to go in to effect on July 1, 2013.
Please visit ASHA’s Take Action page to write Congress on this issue. If you have any questions, please contact Neil Snyder, ASHA’s director of federal advocacy, at email@example.com. Follow ASHA Advocacy on Facebook and Twitter for continuing updates on this issue.