Support Grows for Student Loan Reform

As rising student debt draws public attention and higher interest rates loom, support for practical policy reform is growing. Major stories in yesterday’s New York Times Magazine and on USA Today’s front page today focus on student loan debt as both a growing necessity and a worrisome problem. As noted in the Times, this is a problem with “intriguing possibilities” for solutions. We couldn’t agree more.

Last month, we submitted an administrative petition to the U.S. Department of Education spelling out practical steps it can take right now to reduce the risks of student debt. Thirty-five organizations have already endorsed its goals. In addition, nearly 1,000 individuals have sent letters to Secretary Spellings asking her for prompt action. Please send your own letter today if you haven’t already!

College students have also been busy looking into issues of debt and affordability at their own schools and developing policy proposals. Task forces on 20 campuses recently presented their findings to the Secretary of Education's Commission on the Future of Higher Education. Their varied recommendations confirm the need for more need-based grant aid (such as Pell Grants), student loan reforms, and state support for higher education. The task forces included student government leaders, college administrators, financial aid officers, and local legislators. Read the reports online.

Thank you for your support of our work during this exciting time.

(This announcement was sent to the Project on Student Debt mailing list on June 12, 2006.)