Student Loan Interest Rate Problems
On July 1st 2013 the interest rates on undergraduate, subsidized federal Stafford loans, went from 3.
4%
up to 6.
8%, which was the same as the pre-recession rate.
With national debt towering at $16 trillion
dollars the...
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Student Loan Interest Rate Problems
On July 1st 2013 the interest rates on undergraduate, subsidized federal Stafford loans, went from 3.
4%
up to 6.
8%, which was the same as the pre-recession rate.
With national debt towering at $16 trillion
dollars the US government must start chipping away at this debt.
If the interest rate, on these loans
stays at 6.
8%, the increase in revenue after ten years would net in $184 billion dollars.
So basically
according to press releases, Congress failed to come up with a new plan and missed their July 1st
deadline.
Congress came up with a plan previously; however it failed to address an expense of $6
billion dollars and the president vetoed it.
Looking at the current student debt figures, the average
student loan debt is at $27K and with latest calculations there are 7 million new students, and many of
them would be affected by this increase in interest.
Totaling up the amount that will be charged to the
loan based on the new interest rate, an
Less
