Don't Double My Rate
Shamefully, Congress failed to act before today’s deadline to prevent student loan interest rates from doubling. This is an issue on which we should all agree. I call on Congress to return immediately to Washington and pass legislation that will retroactively prevent this de facto tax increase on young people already struggling under mountains of debt. At a time when Americans owe more than $1.2 trillion in student loans debt, the last thing we should do is make college more expensive for students and their families. There is still time to undo this rate increase before borrowers feel its pinch. It is imperative that we act quickly, and show young people across this country that we are committed to easing the student loan debt crisis.
To that end, last week I encouraged young people everywhere to participate boldly in this process, join my social media campaign for action, and ensure that their voices are heard. A year ago, students took to Twitter and Facebook and made the hashtag #DontDoubleMyRate trend nationally. That message successfully forced action then, and it has the power to do so again today. Make yourselves heard, and make Congress listen.
Since Congress has not acted, the result would be an additional $1,000 in student loan debt for more than seven million students. Increasingly, recent graduates saddled with student loan debt are postponing other major purchases – like cars and homes – and are even delaying life decisions, including having children or getting married.
So the question is: what would an additional $1000 mean to you right now? How could you better use it than repaying student loan debt?
Some constituents have shared their stories below. Now it's time to add your voice on Twitter & Facebook and let me, and the rest of Congress, know how YOU would use your $1000.
Elizabeth says:
@SenBlumenthal #DontDoubleMyRate Pay for my textbooks and start saving for my very own car.
— Elizabeth Tomasco (@LittleLiz2015) June 30, 2013
Gina says:
@SenBlumenthal I would use $1,000 to pay for books! #Don'tDoubleMyRate
— Gina (@dessertmaniac21) June 29, 2013
Maher says:
@SenBlumenthal#Don'tDoubleMyRate I can use the $1000 to pay off some of my expensive medical bills that are crushing me and a million others
— maher (@maherONE) June 29, 2013
Jim says:
@SenBlumenthal #dontdoublemyrate I could use that $1000 to pay off some of my sons medical bills...
— Jim Wilkinson Jr (@warriorman848) June 29, 2013
Dani says:
@SenBlumenthal I can't keep up w/ my student loans as it is! Please #dontdoublemyrate - $1000 extra means not being able to pay other bills
— Miss Dani Marie (@MissDaniSays) June 28, 2013
Kathy says:
Tracey says:
Jamie says:
Rachel says:
Heather says:
Jaime says:
Tweet me at @SenBlumenthal using the hashtag #Don’tDoubleMyRate or comment on my Facebook page and tell me what you would rather do with $1000. You can also share one of the graphics above on your Facebook page or Twitter.
On 7/1 student loan rates double, costing 10 mil students $1000. What would YOU do w/ 1000 bux? #DontDoubleMyRate pic.twitter.com/X6nbBTZEKK
— Richard Blumenthal (@SenBlumenthal) June 29, 2013
At a time when Americans owe more than $1.2 trillion in student loans, the last thing we should do is make college more expensive for students and their families. Protecting college students from higher loan rates should be something both sides of the aisle agree on, but instead of helping students and middle-class families succeed, petty partisan politics has led Republicans to introduce plans that would actually cost students more. This is shameful. Tell Congress #Don’tDoubleMyRate.
Tweet me at @SenBlumenthal using the hashtag #Don’tDoubleMyRate or comment on my Facebook page and tell me what you would rather do with $1000. You can also share one of the graphics above on your Facebook page or Twitter.
