The Jubilee Blog

Sobering Stats: Federal student loan debt tops $1 trillion, more than credit card debt

By: Jennifer Tong

At the beginning of the month, Congress failed to stop subsidized Stafford loan rates from doubling for 7 million college students.  As Congress struggles to come up with a solution, the Consumer Financial Protection Bureau projects that Americans will owe the government more than $1 trillion in student loan debt.  Student loan debt is now larger and increasing faster than credit card debt.  Throw in debt owed to private banks, and the debt increases to $1.2 trillion.

Learn more about what Jubilee USA is doing to protect our future leaders from being saddled with unsustainable debt here.

 

“Gr8” Declaration: Tackling Tax Avoidance Makes International Agenda

By: Maya Shair and Charley Allegar

At the June G8 Summit in Northern Ireland, eight of the wealthiest nations issued a historic declaration that promotes corporate transparency and calls on all countries to “fight the scourge of tax avoidance.” The G8’s Lough Erne Declaration notes that wealthy countries have a responsibility to ensure that multinational companies don’t dodge taxes in poor countries. The G8 leaders also noted how important it is to stop corruption within the oil and extractive industry sector.

Congress Fails. Goes on Holiday While Rates Double for 7mn College Students

Today, interest rates for subsidized Stafford student loans doubled from 3.4% to 6.8% for nearly 7 million college students.   

Jubilee USA's director, Eric LeCompte, responds to the rate increase:

“Congress failed and they need to come together to extend the interest rates that will protect 7 million college students.” 

On the weekend of June 21st, interfaith communities nationwide participated in "Jubilee for Students" to call on Congress to make college affordable.  Learn more about Jubilee for Students.