Student Loan Rates to Double on Monday as Congress Heads Home
By Tim Walker and Miguel Gonzalez
With student loan rates scheduled to double from 3.4 percent to 6.8 percent on July 1, Congress is getting ready to leave town for the July 4 recess without taking action. Senators have introduced a one-year extension of the current interest rates in order to allow enough time to work out long-term solution.
““We urge Congress to put students before politics and put aside partisan bickering. Our students are our country’s future, and we should not bankrupt them,” said National Education Association President Dennis Van Roekel.
Some 60 percent of students must borrow to attend college. Total student debt passed the $1 trillion mark last year—already, 35 percent of our nation’s 37 million students are behind on their loan payments, a number that will only grow if interest rates and the cost of borrowing rise. The ripple effects of a heavier debt burden will be felt throughout the U.S. economy, which isn’t yet strong enough to withstand additional reductions in consumer
With student loan rates scheduled to double from 3.4 percent to 6.8 percent on July 1, Congress is getting ready to leave town for the July 4 recess without taking action. Senators have introduced a one-year extension of the current interest rates in order to allow enough time to work out long-term solution.
““We urge Congress to put students before politics and put aside partisan bickering. Our students are our country’s future, and we should not bankrupt them,” said National Education Association President Dennis Van Roekel.
Some 60 percent of students must borrow to attend college. Total student debt passed the $1 trillion mark last year—already, 35 percent of our nation’s 37 million students are behind on their loan payments, a number that will only grow if interest rates and the cost of borrowing rise. The ripple effects of a heavier debt burden will be felt throughout the U.S. economy, which isn’t yet strong enough to withstand additional reductions in consumer
