Petition Background

The interest rate on federal subsidized Stafford student loans is set to increase from 3.4% to 6.8% on July 1st. If Congress doesn't act soon, millions of college students will see their student loan payments jump.

Some argue that it's too expensive to keep government loans at low interest rates, but the federal government makes low interest loans all the time – just not to everyone. Big banks can borrow money through the Federal Reserve discount window at a rate of about 0.75%.

The biggest banks in the country – the ones that wrecked our economy and cost millions of Americans their jobs – pay next to nothing on their debt, while students pay nine times as much. That isn't right. read more via MoveOn Petitions – Give students the same interest rates on loans as the big banks.

related stories: 

• Elizabeth Warren's Student Loan Petition Garners More Than 250,000 Signatures
• WHITE HOUSE PETITION: support Elizabeth Warren's bill on student loans at same rate banks get 0.75%
• "student loan" petition "elizabeth warren"