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UPDATE: The office of Nevada Senator Harry Reid released the following statement following media reports that a deal has been struck on student loans:
“There is no deal on student loans that can pass the Senate because Republicans continue to insist that we reduce the deficit on the backs of students and middle-class families, instead of closing tax loopholes for the wealthiest Americans and big corporations. Democrats continue to work in good faith to reach a compromise but Republicans refuse to give on this critical point.”

Unless Congress takes action in the next FOUR days, college costs will increase for over 7 million students. That’s $1,000 more per student, per loan. And what is Congress doing?

Instead of trying to keep interest rates low, Congress is debating long-term solutions that would make the situation WORSE for students than if student loan interest rates double on July 1.

That’s why we need to use the time we have left to make as much noise as possible, so that Congress will hear our message loud and clear to keep rates low. And there's also an answer, which is staring Congress in the face.

The Student Loan Affordability Act.

Put forth by Sens. Reed (D-R.I.), Harkin (D-Iowa), Murray (D-Wash.) and Reid (D-Nev.),the Student Loan Affordability Act is a workable solution to keep student loan interest rates low until 2015, allowing Congress more time to reach a comprehensive solution that is good for students.

Students can’t afford the detrimental proposals Congress is debating right now, and they can’t afford any more debt.  Please amplify our cries for a solution right now by sharing this image on Facebook, in support of the Student Loan Affordability Act.

And, If you haven’t already, please click here to send a message to your member of Congress in support of the Student Loan Affordability Act.

Cross-Posted at I AM NOT A LOAN.

12:49 PM PT: UPDATE:  Following media reports that a deal has been struck on student loans, the office of Nevada Senator Harry Reid released the following statement:

“There is no deal on student loans that can pass the Senate because Republicans continue to insist that we reduce the deficit on the backs of students and middle-class families, instead of closing tax loopholes for the wealthiest Americans and big corporations. Democrats continue to work in good faith to reach a compromise but Republicans refuse to give on this critical point.”


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