Make Higher Education Affordable

U.S. PIRG Higher Education Director Chris Lindstrom calling on Congress not to double the student loan interest rate.

Student Debt Is Skyrocketing

Higher education in America continues to be critical for both individual success and the social and economic health of our country. While college attendance has grown over the past two decades, state appropriations and federal aid have failed to keep pace with the rising cost of college, shifting more costs to students. As a result, more students than ever must rely on student loans to pay for a college degree, with the average borrower now graduating with over $26,000 in loan debt.  

Heavy student loan debt carries negative consequences for borrowers, who must make monthly payments with their hard-earned dollars rather than save up and get ahead. High debt can affect where graduates live, the kind of careers they pursue, when they start a family or purchase a home, and whether they can save for retirement. The combination of high student debt and low earnings can lead to default, ruined credit and wage garnishment. Such distress runs counter to the goal of higher education.

The U.S. PIRG Higher Education Project is working to:

1. Keep loans affordable: This July, interest rates will double on the subsidized Stafford loans that almost 8 million students use to pay for school. U.S. PIRG is campaigning to prevent interest rates from doubling and advocating for more and better repayment options once a student graduates. 

2. Increase grant aid to students, such as the Pell Grant: The Pell Grant is the federal government's cornerstone financial aid program, providing scholarship aid to almost 10 million students of modest income each year. U.S. PIRG is making sure that every student can rely on their grant to stay in school and make it to graduation.

3. Make textbooks affordable: Textbook prices are rising four times faster than inflation, leaving the average student now paying over $1,100 every year for textbooks. After working to end many tricks the publishing industry used to increase prices unfairly, U.S. PIRG is fostering real competition in the textbook market place by promoting more affordable options like open textbooks and open education resources.

Issue updates

News Release | U.S. PIRG | Higher Ed

Federal Government Makes Billions from Student Loan Borrowers Yearly

Today, a coalition of youth and student groups released an issue brief demonstrating that the federal government is making billions in revenue through the federal student loan program. The report projects that student loans will generate over $36 billion in revenue in 2013, in part because of a scheduled July 1 doubling of Stafford loan interest rates.

> Keep Reading
Report | U.S. PIRG | Higher Ed

Issue Brief: Don't Double Our Rates

Congress should be helping to keep college affordable, not making it more expensive for student loan borrowers to pay for college.

> Keep Reading
Media Hit | Higher Ed

New York Times: Student Loan Rate Set to Rise, Despite Lack of Support

“Higher education loans are meant to subsidize the cost of higher education, not profit from them, especially at a time when students are facing record debt,” said Ethan Senack, the higher education advocate at the United States Public Interest Research Group.

> Keep Reading
Blog Post | Higher Ed

Students to Congress: Don’t Double Our Rates | Chris Lindstrom

Earlier this week, the Education and Workforce Committee in the U.S. House held a hearing to purportedly “strengthen” the federal student loan program. Sadly, the proposals put forth by leaders in the hearing do anything but help solve the problem of high cost federal student loans. What the hearing did do was serve as a grave reminder that on July 1, student loan interest rates on subsidized Stafford student loans will double from 3.4 percent to 6.8 percent—driving up the cost of higher education for 8 million students by $1,000 per loan.

> Keep Reading
News Release | U.S. PIRG | Higher Ed

Don’t Double Student Loan Interest Rates

Today, college student leaders from Kent State University, Florida International University, together with Sarita Brown, president of Excelencia in Education, and Ethan Senack from the U.S. Public Interest Research Group, called on federal lawmakers to keep student loan interest rates from doubling. On Wednesday, the House Education and Workforce committee will debate the costs and benefits of the federal student loan program, including student loan interest rates.

> Keep Reading

Pages

News Release | U.S. PIRG | Higher Ed

Congress Can’t Risk an Incomplete on Student Loan Interest Rates

Statement of Rich Williams, Higher Education Advocate for U.S. PIRG, on the failure to move debate forward on a bill to prevent student loan interest rates from doubling this July:

> Keep Reading
Media Hit | Higher Ed

New York Times: On Campus, New Deals With Banks

“Campus debit cards are wolves in sheep’s clothing,” Rich Williams, higher education advocate for U.S. Public Interest Research Group Education Fund and lead author of the report, said in releasing the report. “Students think they can access their dollars freely, but instead their aid is being eaten up in fees.”

> Keep Reading
News Release | U.S. PIRG | Higher Ed

BANKS SKIM MILLIONS IN FEES FROM STUDENT AID USING DEBIT-CARD-LINKED STUDENT IDS

Washington, D.C. – Over 9 million students are at risk for increased educational debt, due to bank-affiliated student debit cards that come with high fees, insufficient consumer protections, and few options.  Financial institutions now have affinity partnerships with almost 900 campuses nationwide, grafting bank products onto student IDs and other campus cards to become the primary recipient of billions in federal financial aid to distribute to students.

> Keep Reading
News Release | U.S. PIRG | Higher Ed

There is no 'A' for effort

"It seems safe to say that the more than seven million students who will be taking out Stafford student loans for the next school year, join our disappointment that today the Senate could not pass a bill to keep interest rates from doubling on July 1.  

> Keep Reading
News Release | U.S. PIRG | Higher Ed

Senators Block Bill to Keep Student Loan Interest Rates from Doubling on July 1

 [WASHINGTON, D.C.] – “We are deeply disappointed that Senators blocked a bill to keep the interest rates on Stafford student loans from doubling. 

“Recently, student loan debt surpassed $1 trillion – even greater than total credit card debt.  

> Keep Reading

Pages

View AllRSS Feed

Support Us

Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.
Optional Member Code