LULAC Disappointed Over Senate Decision to Increase Student Loan Rates
July 10, 2013
Contact: Paloma Zuleta, 202-833-6130, PZuleta (at) LULAC . org
Washington, D.C. - Today, the Senate failed to garner sufficient support to restore the student loan rate to 3.4 percent. Based upon the failure to act, the student loan rate has doubled and now stands at 6.8 percent.
Margaret Moran, National President of the League of United Latin American Citizens (LULAC), released the following statement on the Senate’s failure to prevent the doubling of the interest rate on student loans:
“In these times of economic hardship, the last issue that should be politicized is student loans,” said LULAC National President Margaret Moran. “Student loans provide an opportunity for low income students, a significant number of which are Hispanic, to get a college education which would have otherwise been out of reach. We should not be placing additional burdens on these students upon graduation. Such burdens will impact not only their career but their ability to own homes, and otherwise build their own American dream.”
The increase on student loan interest rates will impact over 7 million students who already feel that a secondary education is too expensive. After today’s failure to act, some Senators have indicated a desire to find a bipartisan solution. To date, however, no such solution exists.
Continued Moran, “For the sake of all our students, we call upon the Senate to reach an agreement to roll back student loan interest rates. This would result in saving money for students already struggling to stay in school and ensure that this country has a properly trained workforce.”
The League of United Latin American Citizens (LULAC) is the nation’s largest and oldest civil rights volunteer-based organization that empowers Hispanic Americans and builds strong Latino communities. Headquartered in Washington, DC, with 900 councils around the United States and Puerto Rico, LULAC’s programs, services and advocacy address the most important issues for Latinos, meeting critical needs of today and the future. For more information, visit www.LULAC.org