***CONFERENCE CALL TODAY – PLEASE RSVP ASAP***
FOR PLANNING PURPOSES: CONTACT: Meredith Kelly
May 15, 2013 (202) 224-7433
SCHUMER: STUDENT LOAN INTEREST RATES FOR TENS OF THOUSANDS OF UPSTATE NY STUDENTS SET TO DOUBLE ON JULY 1ST UNLESS CONGRESS INTERVENES – SENATOR WILL FIGHT TO BLOCK RATE HIKE AND KEEP COLLEGE TUITION AFFORDABLE
On July 1st of This Year, Interest Rates on Federally Subsidized Stafford Loans Will Jump, Adding Nearly $4,000 Extra Per Student Over Ten Years
Schumer to Push Legislation, Introduced By Senator Jack Reed, to Keep Interest Rates at 3.4% for Two Years to Ensure College Affordability
Schumer: Student Loan Debt ‘Doubling Deadline’ is Fast Approaching, We Must Stop That In Its Tracks
TODAY, May 15th during a press conference call at 12:30pm, U.S. Senator Charles E. Schumer will launch his fight to stave off an interest rate increase on student loans that could raise the cost of attending college for tens of thousands of Upstate New York students and their families. Unless Congress takes action quickly, the interest rates on federally-subsidized Stafford loans will double on July 1st from 3.4% to 6.8%, which could add an additional $3,800 over a ten-year repayment period to the cost of college. In 2007, Congress lowered the rate on federally-subsidized Stafford loans, but without an extension of the reduced rate in the next month, interest rates will double for students receiving these loans. This will drive up the cost for over 520,000 recipients of subsidized Stafford loans that attend New York State institutions, with loans already totaling over $2.4 billion. Schumer will vow to join the lead sponsor Senator Jack Reed (D-RI) in bringing the Student Loan Affordability Act of 2013 to the Senate floor before the “doubling deadline”.
On the call, Schumer will provide a breakdown of all schools in Upstate New York and the number of students that hold subsidized Stafford loans.
DATE: TODAY, Wednesday May 15th
TIME: 12:30 PM