Student Debt Action Alert
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Tell Congress to stop rising undergraduate student loan interest rates which are set to double from the current rates after July 1st! Congress will be voting the week of July 8th to retroactively decide the fate of subsidized Stafford student loan interest rates.
The American Medical Student Association (AMSA) is calling on Congress to uphold the current student loan interest rates for undergraduates and work toward lowering rates for medical and professional students!
Source: Analysis by Mark Kantrowitz, publisher of Fastweb.com and FinAid.org
For more information, please check out the Washington Post article:
On July 1, 2013, the interest rates on undergraduate Stafford student loans are scheduled to double from their current 3.4 percent to 6.8 percent. These changes threaten borrowing capacity of undergraduate and graduate students, which includes 86 percent of medical students with debt, according to the American Association of Medical Colleges (AAMC).
If students are forced to take on more debt after graduation, medical education will become more cost-prohibitive, impact the diversity of physician workforce, and further health care disparities. The burden of student debt must be reduced and maintaining low interest rate caps are vital for the financial well-being of young graduates.
Stafford student loans are the most highly utilized by nearly 37 million student borrowers. These loans are crucial for medical students with an average of $160,000 in loans upon graduation, according to the AAMC in 2012. Medical students, undergraduate, and other professional students will be forced into increasing debt, limiting their educational and career choices, and slowing our economy.
On behalf of the American Medical Student Association, we ask that you keep Stafford student interest rates low!