Tell Congress to Keep College Affordable for Students and Working Families

Stafford Loans are federal student loans made available to college and university students to supplement personal and family resources, scholarships, grants, and work-study. Nearly all students are eligible to receive Stafford loans regardless of credit. Stafford loans may be subsidized by the U.S. Government or unsubsidized depending on the student’s need. Stafford loan interest rates for 2012-2013 are currently unknown.

A 2007 law that reduced the interest rate on Stafford Loans from 6.8 percent to 3.4 percent is about to expire. Without legislative action, subsidized Stafford loans will return to the 6.8 percent interest rate on July 1, 2012.

Each year, more than ten (10) million students use subsidized Stafford loans to help pay for college. With rising tuition costs, attending college is very difficult for many students, and the increase in interest rates would cause a college education to be out of reach for many college age people. With that knowledge, Senators Patrick Leahy and Bernie Sanders recently introduced legislation to stop student loan interest rates from doubling this summer.

Stafford Loan Information: Eligibility

You must be a U.S. citizen or national, a U.S. permanent resident, or eligible non-citizen accepted for enrollment or attending a school that participates in the Federal Family Education Loan Program. Additionally:

  • You must have submitted a FAFSA to be eligible for a Stafford loan
  • For subsidized Stafford, you must have financial need as determined by your school
  • You must be enrolled or plan to enroll at least half time

If Stafford loan rates doubled, countless students would be affected. “We tell our children to get an education, and we owe it to them to keep that door to higher education to the middle class open.” For up-to-date information on this issue, check out the Student Loan Network Blog.

Tell your elected officials in Washington, DC to take swift action to pass the bill to keep college affordable for students and working families.

Source(s): MPRNews On Campus, January 30, 2012.

Photo credit: Microsoft Clip Art

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