Starting today, July 1st, students who are borrowing subsidized loans from the federal government this fall will see interest rates on their loans double to 6.8%. Oh no! But don't worry...lawmakers are working hard behind the scenes trying to strike a deal to save the 7 million college students who are slated to take the subsidized federal Stafford loans this year.
Students are being told to prepare for the worst and hope for the best.
Students with loans at stake have been watching the debate on Capitol Hill with worry and apprehension.
The doubling student loan interest rates that are going into effect today only apply to new loans. These loans are generally awarded to only about a third of undergraduate students in financial need. Only Congress can change the rates and any tweaks to the law.
Students, hang in there...and let's hope for the best.
Stephenie, having been a tutor/instructor/mentor since 1996, discovered her passion and founded Lee Academia Educational Consulting, LLC. after she left the dental and medical field. She loves teaching/mentoring and counseling her students. Her passion lies in educating others and helping them pursue their educational path. Today, certified in College Counseling and with more than 10 years of experience, Stephenie and her team continues to blog about current updated educational news and events.
Lee Academia Educational Consulting, LLC