Civil and Human Rights Coalition Applauds Student Loan Deal: “It Must Get Done Before July 1st

Washington, D.C. – Nancy Zirkin, executive vice president of The Leadership Conference on Civil and Human Rights, issued the following statement following reports of an agreement in Congress on legislation to keep student loan interest rates from doubling on July 1st:

“We applaud Senate leaders for reaching a bipartisan agreement to keep student loan interest rates from doubling. This deal is an imperative for our economy, for the future of our workforce, and for the communities that we represent.  But it must get it done before July 1st.

There are more than seven million students who would benefit from this deal, including nearly 2.8 million students of color. And these students have taken on more student loan debt than any other generation. They are pursuing the American Dream and paying for it themselves.  

Some have suggested that Congress could take its time, approve an extension of the 3.4 percent rate at some later date, and just make the fix retroactive. This would be unfair to low-income students, who deserve to know what their rates and payments would be. And it’s especially unfair to students who need the money for classes this summer.

Students need certainty regarding their costs when planning their course work and employment options. This is particularly true for students eligible for subsidized Stafford loans because they have the greatest need.

Congress should act now, before it complicates the financial lives of more than seven million students.”

Nancy Zirkin is executive vice president of The Leadership Conference on Civil and Human Rights, a coalition charged by its diverse membership of more than 200 national organizations to promote and protect the rights of all persons in the United States. The Leadership Conference works toward an America as good as its ideals. For more information on The Leadership Conference and its 200-plus member organizations, visit www.civilrights.org.