SUNY Student Assembly President Calls on Lawmakers to Protect Students

SUNY Student Assembly President Kevin Rea

Says SUNY Students Among Those Hurt by Changes in Stafford Loans

New York – SUNY Student Assembly President Kevin Rea today called on Congress to reevaluate provisions in their deal to delay rate increases for federally subsidized student loans which, according to Rea, amounts to “moving money from one student aid program to another.”

“The recent deal reached by Congress to delay student interest rates from increasing for a year is good news, but still leaves this critical issue with no long term solution and in fact goes further to make the situation worse for graduate students,” said Rea. 

“This new law sets a dangerous precedent, which states we can solve financial aid problems by simply creating others.” 

As part of a deal to fund lower interest rates for undergraduate student loans, beginning in June 2013, graduate students will no longer be eligible for subsidized Stafford loans.

Subsidized loans allow for those with demonstrated financial need to accrue interest on their loans beginning at graduation.

With these changes, graduate students will begin to accrue interest from the moment they take out the loan, and must now begin paying off that interest while still in school.

Undergraduates also take a hit, now being forced to pay immediately upon graduation rather than the previous 6-month delay that was in place to allow them to get settled in the workforce.

“These changes come at a time when many Americans are already struggling financially. We may live in a political world, but access to higher education should be a nonpartisan priority,” added Rea.

“College and university students are training to be the next generation of thinkers and doers that ensure America can compete in the 21st century economy. The hefty debt they are saddled with after graduation, and now in many cases while they are enrolled, makes their success even more difficult. Congress must help ease this burden.”

The Student Assembly of the State University of New York (“SUNY SA”) is an organization comprised of student leaders elected by their peers from across SUNY’s 64 campuses.

“We’re all about empowering students, and the SUNY SA is committed to student life and ensuring the representation of its members on the state and national level, as well as throughout the SUNY system,” concluded Rea.

Photo courtesy of http://www.suny.edu.