Wonder what would finally be the "tipping point"? This may be it.Submitted by Bob-45 on Sun, 06/30/2013 - 23:16
Congress to double student loan interest rates
Fri, 28 Jun 2013 20:24 CDT
Seven million college students will see their student loan costs double on Monday, after a group of bipartisan lawmakers failed to agree on a plan to keep interest rates down.
The Senate adjourned for the July 4 recess on Thursday, but failed to keep interest rates on Stafford loans at the current 3.4 percent rate. The federally subsidized loans are set to expire on July 1, after which the interest rate cap will rise to 6.8 percent.
Congress' Joint Economic Committee estimates that the average student will be paying $2,600 more starting July 1. On a $23,000 student loan repaid over 10 years, a student would be paying about $3,000 total interest.