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SGA sponsored call in day to oppose student aid cuts a success
On January 31st the UNCP SGA sponsored a call in day for students to urge their House Representatives not to vote in favor of $12.7 billion dollars in cuts to financial aid.
The proposed cut is part of a program called budget reconciliation, which allows for cuts to federal mandatory programs, including student loans as well as Medicaid and Social Security.
House Representatives are expected to vote on this issue as early as February 1st.
For the current school year, interest on Stafford Loans is at 4.7% while in school and 5.3% when out of school.
These rates are variable and subject to change July 1st of every year.
They change in accordance with the interest rate index, and may go either up or down from year to year.
If Budget Reconciliation is approved, interest rates for Stafford loans will become fixed at 6.8%, meaning that they will remain at this interest rate for the duration of the loan.
PLUS loans, which are currently at a variable interest rate of 6.1% and capped never to exceed 9% would be raised to a fixed rate of 8.5% as well.
Many of the student’s who participated called 2 or more representatives. A few SGA senators even called all 13 of North Carolina’s representatives.
Senator Susan Walley, the organizer of the event, was very pleased with the results of the call in day.
“With less than a week to organize and promote this event, I would have been thrilled if 50 calls were made, but with all of the participants who made several calls, we’ve estimated that anywhere between 100-120 calls were made to representatives today.”