Debt Hits Hard

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The cost of college skyrockets, financial aid shrinks — and debt hits students and families hard, limiting opportunity and mobility for millions of Americans and hindering our ability to compete in the global economy. That's what's happening in America today.

Congress could soften the blow with these three steps:

End corporate welfare that wastes billions of taxpayer dollars. Colleges can choose from two student loan programs: one is efficient; the other wastes billions of taxpayer dollars in subsidies to lenders and banks. We could save billions by giving schools incentives to switch to the more efficient system.

Ease the debt burden on students and families. On July 1, interest rate hikes will add an additional $2,000 in loan payments to the average borrower's debt. We're on the wrong track. Instead, we could save the average borrower $5,600 in interest payments by cutting interest rates in half.

Make financial aid more effective and accessible for American families. Raise the maximum Pell Grant to $5,100 and fund a public service ad campaign to raise awareness of financial aid resources in low-income communities.

Debt Hits Hard. Help Soften The Blow.

The Debt Hits Hard campaign is a project of Campus Progress. If you want to get involved on your campus, let us know!
Geographical Scope: National
Added on 09-01-2006
Updated on 03-02-2007

MikeMcCabeNew Jersey10-31
PedroDe La Torre IIIDistrict Of Columbia05-04

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