With the interest rates on many student loans set to double from 3.4% to 6.8% on July 1st, Representative Sean Patrick Maloney is asking students to sound off on their stories about the impact of student loans or college debt. Unless Congress takes action soon, New Yorkers will pay an average of $1,000 more if the increase takes effect.
"With student loan rates set to double, I don't have to tell you that students in the Hudson Valley and across New York can't afford this hike, plain and simple," said Rep. Sean Patrick Maloney. "I hope students and college graduate will share their story and make their voices heard about how student debt and students loans impact you."
Today, the Senate is set to vote on two separate bills to keep low the interest rates on student loans, but the issue is far from settled. Last month, Rep. Maloney opposed legislation that would allow the interest rate to hike up to 8.5% and would charge millions of students and families $3.7 billion over the next decade in additional interest payments relative to current law.
Rep. Maloney is encouraging students to sound off on student debt by taking a Student Loan Survey, posting their story on Facebook or Twitter, or recording and uploading their story to YouTube.