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Campaign for America's Future Memorandum: Large Student Loan Interest Rate Hike to Hit Saturday, July 1

The following memo on interest rate hikes and large student loans was released today by Campaign for America's Future:

Memorandum to Reporters and Editors:

One of the largest interest rate hikes on college loans is set for this Saturday, July 1, as student debt and the cost of attending college in the United States continue to rise. Federal student loan interest rates will rise and consequently, many students and alumni are scrambling to consolidate their loans. The move comes as a result of the Deficit Reduction Act signed by President Bush

" /> President Bush in February.

Interest rates on existing and new federal college loans will rise dramatically on July 1. The interest rate on Stafford loans will rise from 5.3 to 7.14 percent on existing loans and to 6.8 percent on new loans.

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Florence Freedom update

Week in review: The Freedom (15-25) won one of three games against Kalamazoo Sunday through Tuesday. In the first game, Florence rallied from a two-run deficit with three runs in the sixth inning but still lost 9-4. Monday's Game 2, interrupted in the 11th inning by rain, was finished Tuesday as Freedom third baseman Greg Stone launched a deep fly ball to right field for a double that scored the go-ahead run in a 4-2 Florence victory. In Game 3, Florence left fielder Jason Hurst lined his first home run of the season, but the Freedom lost 4-3.

Current series: On Wednesday, the Freedom opened a three-game series with the Evansville Otters with a 5-3 victory as Jason Bowlin gave up one earned run over seven innings and Kyle Geswein went 2-for-3 with a homer and two runs. Florence beat Evansville 7-6 Thursday, with Wally Quigg getting the winning RBI in the bottom of the ninth, and will go for a sweep today.

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