Reduce the Rate

So, after a strange series of events that included Jesse Jackson kissing me on the forehead (twice!) and being in a press conference (airing this evening on Chicago stations) I’m apparently handling the viral marketing for Reduce The Rate. I’ll be pestering you all to plaster info all over creation about this movement to:

* Reduce the interest rate on all student loans to 1%.
If banks can borrow at 1% or less, then so should our students.
* Extend the grace period before loan repayment begins from 6 months to 18 months for students who graduate.
In these tough economic times, it takes a college graduate an average of 6 months to 1 year to find a job. The rules should reflect this reality.
* End the penalties assessed to schools for student loan defaults.
Schools should not be held accountable for students who don’t pay back their loans.
* Increase Pell Grants to cover the average yearly cost of a public
4 year institution instead of the amounts in the current stimulus package–$5,350 starting July 1 and $5,550 in 2010-2011

Also, if you’re in Chicago you should come out to the Town Hall meeting at Operation Push Headquarters at 6 pm this Friday. I’ll be there and you can meet all sorts of nifty folks.

One Response

  1. I like many of those suggestions. One thing I’m wary about, the penalty for schools whose grads default.

    To my knowledge, one of the few ways that “degree mill” schools that are all about profit and not education get hit back for what they do is through those penalties. Are there alternate mechanisms for holding such schools to account for luring students in with false promises?

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