In a little more than 30 days, interest rates on many new federal student loans are set to double – meaning college gets more expensive and more out of reach for millions of students and middle class families.
Sound familiar? That’s because we did this last summer. Students all over the country told Congress “Don’t Double My Rate,” and President Obama worked with lawmakers to keep the student loan interest rate from doubling to 6.8 percent in July of last year.
But now, absent further congressional action, the interest rate on new subsidized student loans is scheduled to go up again on July 1. To stop this from happening, President Obama put forward a long-term solution that cuts rates this year on nearly all new loans, ensures that all students have access to affordable repayment options, and does not charge students higher interest rate to pay for deficit reduction.
Fonte: White House