When time runs out on July 1, 2012, student loan interest rates will double for almost 7.5 million students. For every year Congress fails to act, students will be pinned with $1,000 more on their subsidized Stafford student loans. Students with the most need will pay about an additional $5,000.
As a supporter of Jubilee USA Network, I have worked with you to help win critical international financial reforms, and over a $100 billion dollars in international debt relief to benefit the world's poorest.
For the first time, as a Jubilee supporter, you are hearing from me about protecting low interest rates for students and minimizing future debt burdens on students.
Today, I ask you vote to protect low interest student loans. The Jubilee, declared in Leviticus 25 recognizes the need to prevent people from being stuck in cycles of debt. Just like nations in the developing world, we must support young people here in the United States to develop into their full productive potential. High interest rates that increase their debts making them unpayable, prevent our communities from being restored in these hard economic times.