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Student loan interest rates could go up as debt soars | News

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Student loan interest rates could go up as debt soars

WASHINGTON -- Senate Democrats and college students will gather on Capitol Hill on Wednesday to call on Congress to hold the line on interest rates for subsidized Stafford Loans.

Unless there's a compromise, those interest rates are set to double to 6.8 percent on July 1, and that would affect about 7 million college students taking out new loans.

Another issue is the overall student loan debt level.

More students are borrowing more money than ever before since the cost of college is going up faster than family incomes.

Two-thirds of recent graduates had an average debt of more than $25,000.

"My aspiration in going to college was to be able to support a family in the future and not struggle. Now I feel like I'm in a worse place than my parents ever were," said college graduate Melissa Rubio.  

Most political analysts expect a compromise on the Stafford Loan interest rates by the end of the month.

If you'd like to weigh in, you can find contact information for Georgia lawmakers in Washington here.


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