The bill will retroactively lower interests rates as of July 1, counteracting the earlier doubling of student loan interest rates . As of now, the undergraduate Stafford rate will be 3.86 percent, while the graduate Stafford rate will be 5.41 percent. PLUS loans, which go to parents and graduate students, will be 6.41 percent for the 2013-2014 school year. The legislation will also tie interest rates to market rates and the 10-year Treasury note and cap the interest rates at 8.25 percent for undergraduate loans, 9.5 percent for graduate loans, and 10.5 percent for PLUS loans. These caps are all higher than the current rates.
Although proponents of the bill claim it is a long term solution, opponents have criticized it for likely shouldering future students with higher rates. Senator Elizabeth Warren, one of the 16 Democratic Senators who voted against the bill, says that the bill "asks tomorrow's students to pay more in order to finance lower rates today." She proposed an amendment with Senator Jack Reed (D-RI) to cap interest rates at current rates, but the amendment failed. Another amendment proposed by Senator Bernard Sanders (I-VT) to extend the new rates for two years also failed.
Media Resources: Sources: USA Today 7/24/13; Politico 7/24/13; Washington Post 7/24/13; Time 7/1/13; Bloomberg 7/24/13
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10/31/2014 Women of Color in Tennessee Are United in Opposition to Amendment 1 - Just days before the general election in Tennessee, a coalition of community leaders, clergy, and advocates led a press conference encouraging women of color to vote no on Amendment 1, a dangerous and far-reaching measure on the state's ballot.
SisterReach, a grassroots organization focused on "empowering, organizing, and mobilizing women and girls in the community around their reproductive and sexual health to make informed decisions about themselves," organized the press conference "to call attention to the unique concerns Black and poor communities throughout Shelby County and across the state of Tennessee face on a daily basis" and to emphasize how the upcoming election "could further limit [black women's] reproductive, economic, political, and social autonomy."
"We assemble today to impress upon black women and women of color, many of whom are heads of households, to get out and vote," said SisterReacher Founder and CEO Cherisse Scott at the event.
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