What are we to do?
If you check this site regularly, it probably seems like we never update. I just wanted to let you, our loyal readers, know that we comb the web daily to try to find news, any news, that's relevant to our goal of getting relief in the form of refinancing or reconsolidation passed. There just isn't much out there right now.
The bill we'd love to see passed, H.R. 2711, is sitting in committee, along with all of the other higher education bills. Congress seems focused on bills that deal with prospective and current students, not bills that help graduates. It's my humble opinion that our issue won't be dealt with in the Higher Education Act reauthorization (which I think is due to happen by August 31, 2004). It's further my opinion that nothing at all will happen on our issue until after the election, and even then we'll have to push it again.
I'm one of those stuck with an 8.25% interest rate, I feel the pinch every month when I write the checks, just like you do. So what can we do? Let's turn some of this election year campaigning to our advantage. Write your candidates, ask them their stance on this issue. Show up at campaign events and try to get a question in, or carry a sign or flyer. Call in to your local media, tell reporters that this is an important issue to you. What's the one message to make clear when you do all this? "I'm a registered voter, I'm going to vote in this election, and this issue influences my vote."
Comments
I feel your pain! I have been rudely told by my loan holder that I could "pay it off with a credit card or other loan." Are they nuts?! I'm already so deep in credit card debt that I couldn't fit anymore in. Now, if the IRS put the tax deduction for credit card interest in again (like it was for my folks when I was a kid) I could see paying off with a credit card for some as a possible alternative. The lenders know they have us over a barrel, but they don't care as long as they get their pound of flesh. And, you know who "supports" the congressmen.
Posted by: Terry | August 5, 2004 2:22 PM
If you put in on a credit card, it is no longer a student loan and you loose all your federal rights with the program, such as deferment, forberance, discharge and the like.
Posted by: Sam | September 1, 2004 6:50 PM