Student Loan Hikes
By: Rachel Polansky
Updated: June 25, 2012
Student loan rates will double in one week if congress doesn't act soon. Without action, student loan interest rates will increase from 3.4% to 6.8% for all new loans taken out by U.S. students.
Mohawk Valley Community College Marketing Director says this will add thousands of dollars in interest payments to the cost of attending college.
"Anything that makes college more expensive makes college less accessible for students. And we'd be very concerned about anything that puts an additional barrier for people in our community that want a college degree and want the benefits of having a college degree," says Matt Snyder, Director of Marketing and Communications.
U.S. Senator Schumer called on congress to quickly approve a deal being negotiated that would block the impending student loan rate increase. But as of now, the hike is set to take effect one week from today, on July 1st.
Mohawk Valley Community College Marketing Director says this will add thousands of dollars in interest payments to the cost of attending college.
"Anything that makes college more expensive makes college less accessible for students. And we'd be very concerned about anything that puts an additional barrier for people in our community that want a college degree and want the benefits of having a college degree," says Matt Snyder, Director of Marketing and Communications.
U.S. Senator Schumer called on congress to quickly approve a deal being negotiated that would block the impending student loan rate increase. But as of now, the hike is set to take effect one week from today, on July 1st.
