Student Loan - Loans and Debt Consolidation
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STUDENT LOAN INTEREST RATES LIKELY INCREASING REP FOXX SAYS
Student Loan Interest Rates Likely Increasing, Rep. Foxx Says
Students could see the interest rates on their student loans double this summer if Congreess does not act to extend a rate reduction passed in 2007.
The current interest rate on federal student loans is 3.4 percent. The law permitting the lower rate is set to expire this summer, which would cause them to go back up to 6.8 percent.
President Barack Obama urged lawmakers to extend the lower interest rate in his State of the Union Address on Tuesday. Obama wants to make college more affordable for middle- and low-income students.
However, Rep. Virginia Foxx, chair of the Higher Education Subcommittee, said extending the loan interest rate would cost about $5 billion. She argues the federal government is whats causing the costs of college to increase.
Students who graduated from college in 2010 with student loans owed around $25,000 on average. Thats up 5 percent from the year before.
Bigjohn at 1:28 PM January 26, 2012
Hey Virginia, I thought that is why we se...[more]
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