Senator Brown receives hundreds of Thank You's from ProgressOhio members
Brown's Legislation Would Maintain the Current 3.4 Percent Interest Rate for Stafford Loans
More than 382,000 students across Ohio would be forced to pay more each year in college loan costs unless Congress acts to block the interest rate from doubling on federally-subsidized Stafford loans by July 1st.
U.S. Sen. Sherrod Brown (D-OH) announced new legislation that would maintain the current interest rate, which is set at 3.4 percent, and prevent a hike to 6.8 percent, scheduled for July 1st. Brown also revealed a report on the number of students at each college and university in Ohio that utilize subsidized Stafford loans. The average Ohio student graduates from a four-year college or university with nearly $27,000 in debt.
"Earlier this week, a new report revealed that half of young college graduates are either jobless or underemployed. It's clear that we need to do more to educate young people for the jobs of the 21st century and connect them with businesses who are looking to hire," Brown said. "Allowing the interest rates on federal student loans to double is a step backwards. American students - and our economy--can't afford this sucker-punch at a time when we need to be doing more to get our economy back on track."
Student debt has reached nearly $1 trillion--exceeding credit cards and auto loans. Meanwhile, a new analysis released earlier this week by the Associated Press found that half of young college graduates are either jobless or underemployed in positions that don't fully use their skills and knowledge.