Tell Your Representatives to Support the Student Loan Fairness Act of 2013

Student loan debt in the United States has exceeded $1 trillion—more than credit card or automobile debt—and it is growing. This crisis not only limits opportunities for those struggling to pay back their loans; it causes a significant drag on our entire economy.

Recently, Representative Karen Bass introduced the Student Loan Fairness Act of 2013, a measure that promises relief for many of the over 37 million Americans saddled with student loan debt. The bill addresses this problem in the following ways:

  • Creates a 10-10 standard for student loan repayment, in which an individual would be required to make 10 years of payments at 10% of their discretionary income, after which, their remaining debt would be forgiven.

  • Permanently caps the interest rate for all federal student loans at 3.4%, ultimately eliminating the need to enact temporary measures every year to prevent rates from doubling.

  • Allows those eligible to convert their private loan debt into federal direct loans.

  • Suspends interest rates while borrowers are un-employed.

  • Rewards graduates for entering into public service.

Contact your representative and implore them to co-sponsor and vote "yes" on the Student Loan Fairness Act of 2013.

OWS protesters demonstrate against student loan debt

Occupy Wall Street demonstrators participating in street-theater wear signs around their neck representing their student debt.

(Reuters/Andrew Burton)

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