student loan for college california

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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Durbin launches online college loan calculator to support bill

U.S. Sen. Dick Durbin has launched an online student loan calculator allowing students and parents to determine savings they would get if the Durbin-Miller Reverse the Raid on Student Aid Act 2006 becomes law, according to information released by Durbin's office.

Durbin, D-Springfield, and George Miller, D-California, co-sponsored the bill, which calls for cutting interest rates in half on college loans for student borrowers with the most financial need and for most parent borrowers.

"Unless we act now, on July 1, the price of a college education will increase dramatically for students across the country," Durbin said in a issued statement. "New interest rates on student loans could make the price of higher education unaffordable and cost students the opportunity to get a college education.

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