College students taking out new loans for the fall term will see interest rates twice what they were in the spring — unless Congress fulfills its pledge to restore lower rates when it returns after the July 4 holiday.
Subsidized Stafford loans, which account for roughly a quarter of all direct federal borrowing, went from 3.4 per cent interest to 6.8 per cent interest on Monday. Congress’ Joint Economic Committee estimated the cost passed to students would be about $2,600.
Students required to pay for health care coverage through school fees while paying twice the loan rate to help cover national Obamaare over runs. While Congress has no reason to cut costs in a non- election year. Young healthy students get taken to school.