The Consumerist: While interest rates on federal Stafford loans have stepped down over the last several years from 6.8% in 2007 to 3.4% for the current school year, that number is set to bounce all the way back up to 6.8% on July 1, leading 130,000 students to deliver letters to lawmakers in protest. That could come out to thousands of extra dollars over the life of the loan. It could also make it more difficult for students to pay the loan back, especially as they enter a job market that doesn't pay as well as it did a decade ago. Connecticut Congressman Joe Courtney has sponsored a bill that would extend the low interest rates.
Thursday, March 15, 2012
130,000 Students Petition Congress To Not Double Interest Rates On Stafford Loans
The Consumerist: While interest rates on federal Stafford loans have stepped down over the last several years from 6.8% in 2007 to 3.4% for the current school year, that number is set to bounce all the way back up to 6.8% on July 1, leading 130,000 students to deliver letters to lawmakers in protest. That could come out to thousands of extra dollars over the life of the loan. It could also make it more difficult for students to pay the loan back, especially as they enter a job market that doesn't pay as well as it did a decade ago. Connecticut Congressman Joe Courtney has sponsored a bill that would extend the low interest rates.
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