WASHINGTON (AP) -- Millions of college students could be in for a shock this summer. The interest rate on a popular federally subsidized student loan doubles in July unless Congress acts.
College students on Tuesday are delivering 130,000 letters to congressional leaders asking them to stop rates from increasing from 3.4 to 6.8 percent. The rate hike affects new subsidized Stafford loans used by low and middle income undergraduates.
President Barack Obama has asked Congress to keep rates at the lower rate. His administration has said that would help 7.4 million borrowers save on average more than a thousand dollars over the life of the loan.
But keeping the lower rate is estimated to cost the government billions more annually.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus