Student Loan Hike Canceled, for Now
Congress prevented the doubling of interest rates on the loans of millions of current and former college students, but the deal lasts for just a year, and students are already anxiously wondering whether they’ll face the same financial threat next summer.
Congress prevented the doubling of interest rates on the loans of millions of current and former college students, but the deal lasts for just a year, and students are already anxiously wondering whether they’ll face the same financial threat next summer.
— Posted by Alexander Reed Kelly
Your support matters…AP via The Washington Post:
Under the agreement, interest rates on new subsidized Stafford loans will remain at 3.4 percent. That’s estimated to save 7.4 million students about $1,000 each on the average loan, which is usually paid off over 10 or more years.
In the short run, that means students can breathe a sigh of relief this summer. A year from now, however, those rates are set to rise to 6.8 percent. That automatic increase was approved by Congress when lawmakers signed off on a series of scheduled rate reductions five years ago.
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
Environment
To decolonize college campuses, BIPOC students, allies, alumni, and faculty are reintroducing Indigenous growing practices.
A much bigger bribery scandal plays out every day in America—with nary a peep from the media.
In Illinois, students declare financial independence to qualify for tuition help and scholarships.
The senator has distinguished herself this election cycle with a series of policies would level an increasingly tilted playing field.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.