Post by Admin on Sept 17, 2012 17:35:11 GMT -5
Several students said an increase in interest rates on student loans – which could happen very soon if Congress doesn’t act - would not only hurt them now, but definitely put graduate school out of reach for them.
It was five years ago that I voted for legislation to lower government-backed student loan rates to the present-day level of 3.4 percent. But those lower interest rates are set to expire July 1. After that, they will go back up to 6.8 percent – which would an add an estimated $1,000 in debt to each student loan.
Fortunately, we still have a chance to extend the 2007 measure and keep the interest rate at 3.4 percent. In fact, a vote is scheduled in the Senate on May 8.
You can bet I’ll be supporting it again, because I believe we have to do all we can to help keep college affordable.
It was five years ago that I voted for legislation to lower government-backed student loan rates to the present-day level of 3.4 percent. But those lower interest rates are set to expire July 1. After that, they will go back up to 6.8 percent – which would an add an estimated $1,000 in debt to each student loan.
Fortunately, we still have a chance to extend the 2007 measure and keep the interest rate at 3.4 percent. In fact, a vote is scheduled in the Senate on May 8.
You can bet I’ll be supporting it again, because I believe we have to do all we can to help keep college affordable.