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Ed Trust Issues Statement on Extension of Student Loan Interest Rate
Today, the Ed Trust announced its support of the bipartisan deal reached by Congress to protect low interest rates on subsidized student loans. For the more than 7 million students already struggling to afford higher education, this agreement is a reprieve from the threatened doubling of student loan rates, but it’s only good for another year.
After months of wrangling, the June compromise, which is attached to the Surface Transportation Extension Act of 2012, will prevent interest rates on federally subsidized Stafford loans from increasing. But this critical protection doesn’t go far enough. With college tuition skyrocketing at the same time the U.S. economy is demanding millions more college-educated workers than we’re currently producing, long-term protections for Stafford Loans and Pell Grants must be enacted now. They, along with other programs, are keeping the doors to college open for millions of Americans. “To become the nation we aspire to be, and in fact must be, we need to make college-going possible for all hard-working students, not just a fortunate few,” said Ed Trust president Kati Haycock.