WE ARE OPPOSED TO THE NEW STUDENT LOAN LEGISLATION AND YOU SHOULD BE TOO!

The government is taking money out of YOUR POCKET, AGAIN.

Call and E-mail Your Senator and Sign Our Petition.

Robert Novak wrote this article, “Student Loan Scam” which I found on the Real Clear Politics website. In it, he quotes Rep. Tom Price (R-GA) commenting on the Student Relief Act:

“‘If only this bill did what they say,’ Price declared.” Check out the article for more information. The politicians would have us believe that the rate reduction and savings are immediate, with Federal Subsidized loans reduced from 6.8% to 3.4%. But the truth is altogether different. Here are the facts on rates for Federal Subsidized loans.

2007-2008: ACTUAL RATE IS ONLY 6.12%
2008-2009: ACTUAL RATE IS ONLY 5.44%
2009-2010: ACTUAL RATE IS ONLY 4.76%
2010-2011: ACTUAL RATE IS ONLY 4.08%
2011-2012: ACTUAL RATE IS FINALLY 3.40%
2012-2013: Rate goes back to 6.80%

Little Known Facts Paint Discouraging Picture:

• Borrowers believe the rate will be 3.4% on all Federal Subsidized loans, starting in 2007 and ending in 2012.
• The new bill doesn’t cut the rates in half to 3.4% for 5 years; it does so for one only: 2011-2012.
• Borrowers believe they will save thousands each year for the next six years.
• Borrowers will actually save incrementally over time, until 2011-2012 where they will save the full 3.4%.
• Borrowers believe that all students who have Federal Subsidized loans are eligible for the discount.
• Only 29 percent of borrowers are eligible. That leaves over 70 percent of college students left out in the cold, who benefit nothing.

The proposed student legislation hurts students. So, take action today to stop it before it’s approved by the US Senate.

Call and E-mail Your Senator and Sign Our Petition.