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NATIONAL PROGRESSIVE GROUP DECRIES STUDENT LOAN INTEREST RATE HIKE
A coalition of progressive activists said that recent increases of student loan interest rates would cost California college students between $2,411 and $2,902.
According to the Campaign for America's Future, or CAF, the rate increase on Stafford loans, from 5.3 percent to 7.14 percent on old loans and to 6.8 percent on new loans, will push college students and graduates deeper into debt.
Parents who take out PLUS loans to help their children pay for an undergraduate education will see their interest rate rise from 6.1 percent to 8 percent on old loans and to 8.5 percent on new loans on Saturday, according to the CAF. The average parent in the country will pay an extra $3,000 and $3,953 respectively, the organization reported.
"The failure of the current administration and Congress to make college affordable for all qualified students is a disservice to the country,'' said Robert Borosage, the co-director of Campaign for America's Future.
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Report: Vermont Students to Pay at Least $2711 More for College ...
MONTPELIER, Vt., June 30 /U.S. Newswire/ -- Vermont students will have to pay $2711 to $3263 more in college loans beginning Saturday, according to a new report released today by the research arm of the Campaign for America's Future. College students and graduates will be pushed deeper into debt as interest rates on Stafford loans -- the basic student loan -- rise from 5.3 percent to 7.14 percent on old loans and to 6.8 percent on new loans at the end of this week.
Parents that take out PLUS loans to help their children pay for an undergraduate education also face rising interest rates. This Saturday, rates on PLUS loans will increase from 6.1 percent to nearly 8 percent for existing loans and to 8.5 percent on new loans, costing the average parent nationally an extra $3000 and $3953 respectively.