Dear Congress, On behalf of over one hundred student body presidents, representing over one million students across

the country, we urge you to prevent interests on subsidized Stafford loans from doubling on July 1 from 3.4% to 6.8%. That increase would cost students nearly an extra $1000 a year. This is an opportunity to take meaningful steps to address the growing student debt crisis, and we ask you to take action on this issue. Student debt is skyrocketing, now exceeding $1 trillion with the average student holding $27,250 in loans by graduation day. These figures have grown 58 percent in just seven years. This enormous level of student debt weighs heavily on students, our families, and our economy, forcing young Americans to delay major life decisions like buying a home or starting a family. Low interest loans are an economic necessity, allowing lower income families to reach the middle class and maximizing the consumer power of students who have to borrow to finance school. With bipartisan support for affordable interest rates and several proposals on the table, we urge you to keep a few principles in mind: I. Low interest rates make a difference. When interest rates were scheduled to double in 2012, the intensity of student responses demonstrated what $1000 means for college students and recent graduates. Any market-based program should include meaningful protections against unpredictable, high interest rate environments, like a cap on how student loan high interest rates can go. Repayment options must be simple and predictable. Comprehensive student loan reform should include improved repayment options, such as automatic income based repayment programs or student loan refinancing options. These programs help minimize the impact that high student debt burden has on graduates major life decisions. Reinvest any cost savings back into financial aid. Any cost savings generated by reform should be reinvested in the education budget. While we are concerned about the national debt, any savings in the program should be reinvested in our generation to increase college access, support student success, and keep student debt down. It should be a goal to make any long term plan cost-neutral or add investment to programs like Pell.

II.

III.

Expanding access to postsecondary education improves the success of our country as a whole. Investing in the American people is the key to a dynamic 21st century economy that can support long-term growth. If a college education falls out of reach for millions of Americans, our entire economy will suffer the consequences. Young people with student loans are less able to purchase homes and participate as consumers in our economy. Raising the interest rates on student loans exacerbates the problem by unnecessarily pushing students further into debt and limiting future economic growth. Our classmates and their families represent a broad range of ideologies and backgrounds. However, the vast majority of students on our campuses are rallying again, like we did last year, around the belief that everyone should have access to an affordable, world-class education. We urge you to take action by July 1st and believe now is an opportunity to implement a comprehensive, student-centered approach to student loan reform to more aggressively tackle the student debt crisis. If long-term plans prove politically impossible, we support a short-term extension of the current rates at 3.4% until a time when such comprehensive reform proves politically viable. Sincerely,

Alaska Andrew Lessig, University of Alaska-Anchorage Jarmyn Kramlich, University of Alaska Southeast Erika Stoddard, Alaska Pacific University Arizona Morgan Abraham University of Arizona Makenzie Mastrud, Northern Arizona University Jordan Davis, Arizona State University California John Joanino, University of California, Los Angeles Carolina Moreno, San Diego City College Demisse Selassie, Pepperdine University Colorado Isaac Green, Colorado College Shannon Hayes, Regis University Connecticut Ambar Paulino, Trinity CollegeHartford District of Columbia Nate Tisa, Georgetown University Julia Susuni, The George Washington University Patrick Kelly, American University Florida Samuel Thornton, New College of Florida Carlo Fassi, University of North Florida Chris Hill, University of West Florida Juan Cubillo, Florida Gulf Coast University Bhumi Ashok Patel, University of Miami

Austin Laufersweiler, University of Georgia Hawaii Richard Mizusawa, University of Hawaii at Manoa Idaho Ryan Gregg, Boise State University Illinois Jacqui Rogers, Millikin University Anirudh Ajith, Northwestern University Michael McCown, University of Chicago Indiana Kyle Pendergast, Purdue University Alex Coccia, University of Notre Dame Zach Mathis, Southern Indiana University Iowa Spencer Hughes, Iowa State University Katherine Valde, University of Iowa Aaron Lacy, Mount Mercy University Paul Esker, Luther College Kansas Eli Schooley, Kansas State University Christopher Roberts, Fort Hays State University Racheal Countryman, Emporia State University Taylor Gravett, Pittsburg State University Shelbie Konkel, Washburn University Kentucky Jeremiah Johnson, Murray State University Louisiana Morgan Wittenberg, Tulane University

Davante Lewis, McNeese State University Cody Cook, Centre College Maryland Brendan Fulmer, Loyola University Maryland Alex Schupper, Johns Hopkins University Samantha Zwerling, University of Maryland Edwina Rogers, Frostburg State University Massachusetts Dexter McCoy, Boston University Akshay Kapoor, University of Massachusetts Ricky Rosen, Brandeis University Adrian Castro, Williams College Michigan Desmond Miller, Eastern Michigan University Evan Martinak, Michigan State University Adham Aljahmi, Wayne State University Wedad Ibrahim, University of Michigan-Dearborn Dylan Kosaski, Saginaw Valley State University Marie Reimers, Central Michigan University Mississippi Michael Hogan, Mississippi State University Missouri Ashley Koesterer, Missouri University of Science and Technology Nick Droege, University of Missouri Matthew Re, Washington University in St. Louis Montana Emily Dean, Carroll College

Georgia Raj Patel, Emory University

Nebraska John McCoy, Creighton University New Hampshire Lyndsay Robinson, Saint Anselm College New York Adil Hussain, Stony Brook University Shilpa Topudurti, University of Rochester Sam Flood, Colgate College Alexandra Curtis, Syracuse University Brock Wilkinson, Canisius College Tyler Shepard, Hobart College Deb Steinberg, Vassar College Cedrick-Michael Simmons, Ithaca College North Carolina Christopher Ragsdale, Davidson College G. Dylan Russell, Appalachian State University Christopher Lambden, University of North Carolina-Chapel Hill North Dakota Robert Lauf, North Dakota State University Nikolas Kukert, North Dakota State College of Science Ryan Capouch, University of Mary Ohio Joe Blizzard, University of Cincinnati Andrew Dziedzic, Xavier University Alex Solis, Bowling Green State University Oklahoma Jamie Tate, Oklahoma State University

Oregon Sam Dotters-Katz, University of Oregon Pennsylvania Winnie Washington, Lincoln University-Pennsylvania Katelyn Mullen, Pennsylvania State University Gordon Louderback, University of Pittsburgh Donald Castellucci III, The University of Scranton Gabriella Capone, Swarthmore College Rhode Island Hillary Costa, Rhode Island College South Dakota Erik Muckey, University of South Dakota Chase Vogel, Black Hill State University Tennessee Ricky Kirby, University of Memphis Isaac Escamilla, Vanderbilt University Michael K. Wallace, East Tennessee State University Robert Fisher, University of Tennessee at Chattanooga Texas Horacio Villareal, University of Texas-Austin Cedric Bandoh, University of Houston Timothy Xavier Johnson, University of Texas-San Antonio Leon Spencer III, Texas Southern University Utah Sam Ortiz, University of Utah David Wilson, Weber State University Douglas Fiefia, Utah State University

Jonothon Andrews, Utah Valley University Vermont Haley Craig, Lyndon State College Virginia Brent Ashley, Virginia Polytechnic Institute and State University Vikhyath Veeramachaneni, Virginia Commonwealth University Joseph Jedlicka, James Madison University Alexander Pawlowski, University of Virginia Washington Johnny Draxler, Gonzaga University Wisconsin David Gardner, University of Wisconsin-Madison Heba Mohammad, University of Wisconsin-Green Bay Wyoming Brett Kahler, University of Wyoming