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STUDENT LOAN INTEREST RATE SET TO DOUBLE UNLESS CONGRESS ACTS
Updated: 11:52 PM Jan 25, 2012
Student Loan Interest Rate Set to Double Unless Congress Acts
The president urged Congress last night to do something about student debt before the struggle gets worse.
Posted: 6:05 PM Jan 25, 2012 Reporter: Sherene Tagharobi Email Address: Student Loan Interest Rate Set to Double Unless Congress ActsIn 2007 Congress passed the College Cost Reduction and Access Act. The act phased in a 3.4 percent rate for subsidized Stafford loans for undergraduate students. But that rate is set to expire.
Unless Congress intervenes, the rate will revert to six point eight percent, increasing the burden on students like Brianne Schultz.
Schultz works three jobs so she can afford her rent, bills, and interest payments.
Michigan Senator and Democratic Leader Gretchen Whitmer wants the state to make higher education a priority, regardless of what Congress does.
Tags: Student Loan Interest Rate Double Unless Congress Acts
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