Congresswoman Gwen Moore Addresses Impending Doubling of Interest Rates on Student Loans at MATC's Downtown Milwaukee Campus
U.S. Rep. Gwen Moore (D.-Wis.) held a news conference with Milwaukee Area Technical College students about student loan interest rates on the Downtown Milwaukee Campus Monday, June 10.
"This is a national crisis for everybody, not just the student debtors," said Moore, a six-term congresswoman who serves Wisconsin's 4th congressional district. "Student loan debt surpasses auto loan, credit card and home equity debt combined. In our recovering economy, it is absurd that we are even debating whether or not to keep student loan interest rates low."
"We need to craft a long-term solution to the issue of student loan debt," continued Moore. "We need to make higher education more affordable."
The interest rate on Stafford Loans will double from 3.4 percent to 6.8 percent on July 1, unless Congress takes action to prevent the change. More than 7 million students across the country rely on the federally subsidized Stafford Loans to help pay for college.
Photos of the event can be accessed at this link.