stafford student loan
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After signing the Deficit Reduction Act of 2005, President Bush said, "Our economy is strong and it's getting stronger." It is a complicated act, but one important part is the provision dealing with Stafford Student Loans. In regard to the act's impact on the Stafford Loan program the president said, "The Deficit Reduction Act makes important improvements to federal student loan programs."
Of course, the reality for the students affected is much different than what the president hoped for.
"What I'm telling you is, the students are getting the money, and we're making the program a lot more efficient for the taxpayers," the president said regarding the money shaved off of the federal budget by this act.
On July 1, Aggies paying for school with student loans began to feel the effects of the money that the president said they would be getting.
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Higher interest rates driving up college cost
CHEYENNE, Wyo. -- Higher interest rates for student loans will cost Wyoming students up to $2,268, according to a report by Campaign for America's Future.Starting July 1, the interest rate on the basic Stafford student loan increased from 5.3 percent to 7.14 percent for existing loans, and from 5.3 percent to 6.8 percent for new loans, according to a release from the organization.Parents who have taken out PLUS loans for their children's college costs are seeing their interest rates rise from 5.1 percent to nearly 8 percent on existing loans, and from 6.1 percent to 8.5 percent on new loans.The campaign blames the increases on Congress, the Republican leadership and the Bush administration. Earl Hadley, education coordinator for the Campaign for America's Future, said Congress studied loan rates during its last session but still allowed the rates to rise.