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economic justice | education

URGENT! Student Loan Consolidation Do it Now!!

Anyone holding student loans - even if you're still in school - should hurry to consolidate them NOW. Recent legislation passed by all those "family values, compassionate conservative" types in Congress (you know, the same ones who just gave themselves another pay raise, while killing a higher minimum wage) will significantly increase the interest rate on federal student loans on July 1st, 2006. The added cost to you could be significant.

If you've taken out your loans since July 1, 1998, your Stafford loans will all be at 4.7% variable interest right now. Because Congress decided to (partially) finance tax cuts for the very rich on the backs of students, children, and the poor, your student loan interest rate will increase this Saturday to 6.8% fixed. Not only is that a 44% increase in interest rate, but because it is fixed rather than variable, you will no longer benefit if interest rates drop in the future!
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