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H.R.
1622 - The Student Affordable Loan Act
The
act would eliminate insurance and origination fees on federal
student loans.
Over the
past 30 years, students involved with the State PIRGs have
worked on numerous campaigns, bringing together their energy
and the skills and continuity of a professional staff. From
fighting toxic chemical use to registering over a million
new voters, students have seen how, by joining forces, their
combined efforts have led to far greater accomplishments that
any single act. Students' university experience is often enhanced
by real-world experience beyond the limits of the classroom.
The State PIRGs' Higher Education project is devoted to expanding
the opportunity of a college education to all Americans and
strengthening our democracy by building an enlightened citizenry.
Student
Loans
Student
debt now averages over $14,000 per student borrower, and takes
the average student over 10 years to pay off. As federal and
state grant aid diminishes, and college costs continue to
rise, we must provide college loans on terms that do not take
the dream of a college education and turn it into a nightmare
of debt lasting far beyond the college experience. The State
PIRGs advocate for the following:
- Eliminate
all up-front fees on student loans;
- Lower
the amount of interest accrued to student loans;
- Increase
relief from excessive student debt through better terms
and options for income contingent repayment; and,
- Continue
competition between the federal direct and guaranteed student
loan programs, including efforts to level the playing field
between the two programs.
The Grant
/ Loan Imbalance
20 years
ago, 80 percent of federal financial aid came in the form
of grants, and 20 percent in the form of loans. Now, the situation
is reversed. During the same period, the spending value of
a Pell grant has been cut in half. The State PIRGs advocate
for the following:
- Increased
funding and eligibility for Pell grants;
- Increased
funding and leveraging power for campus and state-based
aid programs such as SSIG and FSEOG; and,
- Increase
grants and fellowships for graduate students.
Students'
Rights
In an
effort to create an informed and enlightened democracy, built
on civic participation, the State PIRGs advocate for the following:
- Opposition
to any restrictions on students' rights to engage in our
democracy, including the ability to form, fund and direct
their own organizations on campus;
- Increased
access to accurate and timely information about crime on
campus.
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