President Obama was at the University of North Carolina this afternoon asking students to tell their members of Congress one thing: Don’t double my rates.
Five years ago, Congress cut the rates on federal student loans in half. That was a good thing to do. But on July 1st — that’s a little over two months from now — that rate cut expires. And if Congress does nothing, the interest rates on those loans will double overnight…. And just to give you some sense of perspective — for each year that Congress doesn’t act, the average student with these loans will rack up an additional $1,000 in debt — an extra thousand dollars. That’s basically a tax hike for more than 7 million students across America — more than 160,000 students here in North Carolina alone.
Fonte: White House