Congressional inaction could cost college students - WREX.com – Rockford’s News Leader

Congressional inaction could cost college students

Posted:

WASHINGTON (AP) -- Congressional inaction could end up costing college students an extra $5,000 on their new loans.

The rate for subsidized Stafford loans is set to increase from 3.4 percent to 6.8 percent on July 1, just as millions of new college students start signing up for fall courses. The difference between the two rates adds up to $6 billion.

It's a rate increase that lawmakers dodged last year in the middle of the presidential campaign between Barack Obama and Mitt Romney. But that was with the White House up for grabs.

Now? Student loan professionals say there's no urgency to block the increases, and they are advising students to expect higher rates.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WREX. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Trista Truesdale at (815) 335-7856. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.