federal student loan rates double after congress fails on fix

[Julius Skrrvin]

Student loan rates double after Congress fails on fix | Fox News

Interest rates on federally subsidized Stafford student loans doubled overnight, soaring from 3.4 percent to 6.8 percent after Congress failed to reach a deal.

Though lawmakers potentially could still pass a bill to undo the damage, Congress' Joint Economic Committee has estimated the increase -- unless and until it is reversed -- will cost the average college student an additional $2,600.

Democrats have sought to keep interest on Stafford loans low, saying poor and middle class students need the help to get a college education. Republicans have proposed linking student loans to the financial markets instead of letting Congress set federal lending rates. President Obama included a variation of that market-based approach in the budget he sent to Congress earlier this year, leaving his fellow Democrats trying to block his efforts.

"Why Senate Democrats continue to attack the president's plan is a mystery to me, but I hope he's able to persuade them to join our bipartisan effort to assist students," Don Stewart, a spokesman for Senate Minority Leader Mitch McConnell, said last week

Senate Majority Leader Harry Reid said that a proposal to tie loan rates to the 10-year treasury note yield could never pass the Senate and that he couldn’t back something that doesn’t include stronger protections for students and parents.

“There is no deal on student loans that can pass the Senate because Republicans continue to insist that we reduce the deficit on the backs of students and middle-class families, instead of closing tax loopholes for the wealthiest Americans and big corporations,” Adam Jentleson, a spokesman for Reid, told Fox News last week. “Senate Democrats continue to work in good faith to reach a compromise but Republicans refuse to give on this critical point.”

Democrats said the Senate would consider voting on a one-year extension of the current interest rates July 10, after a recess for the 4th of July holiday. But Massachusetts Senator Elizabeth Warren said that the party preferred to include a comprehensive student loan measure in a long-range law governing colleges and universities.

"We need a one-year patch to keep interest rates from doubling on student loans," Warren told the Associated Press last week. "That buys us the time."

The Associated Press contributed to this report.

Read more: Student loan rates double after Congress fails on fix | Fox News

Elizabeth Warren tried to help y'all

 

[the artist known az]

I forgot about this

They can throw billions towards banks for fukking up but it's all good for people trying to better themselves.

 

[Jello Biafra]

The Republican Party is so shortsighted. They are spiraling into a pit of irrelevance as far as younger voters go and instead of latching onto this issue and working to make inroads with a voting bloc that considers the Party totally out of touch they just let this opportunity slide past them and continue to be idiots.
After Mitt Romney took that L the party should have made a pivot and focused on 3 issues: jobs, student loans and immigration reform.

 

[Born2BKing]

 

[NZA]

is there any way for republicans to become less popular?

 

[Rawtid]

You don't have to borrow money to go to college.

 

[babylon1]

You don't have to borrow money to go to college.

worst post in the history of the internet?

 

[88m3]

scum

 

[Rawtid]

worst post in the history of the internet?

Realest shyt I've ever typed.

 

[the cac mamba]

You don't have to borrow money to go to college.

scust

 

[Rawtid]

scust

Realest shyt I've ever typed.

 

[the cac mamba]

if you want to go to a competitive school, theyre now charging 40 thousand plus a year. where the fukk are you coming from with this argument? that community college is an option?

 

[Rawtid]

if you want to go to a competitive school, theyre now charging 40 thousand plus a year. where the fukk are you coming from with this argument? that community college is an option?

Between saving, scholarships and working a student can get through college debt free. No, not everyone would be able to afford a private college but you can still get a good education/degree from a state college. But people would much rather complain about the government for an inefficient and downright shameful borrowing process than do anything they have to in order to avoid that process.

I personally don't give a fukk about anyone else and their family but I know my kid will go to college without debt because borrowing is not an option.

 

[the cac mamba]

I personally don't give a fukk about anyone else and their family but I know my kid will go to college without debt because borrowing is not an option.

i think we all know that state college can be done a lot cheaper, its something that more ppl need to be considering. but stop acting like even going to a good state college is realistic without taking out loans, youre just dead ass wrong

also breh no offense even though this isnt an offensvie statement. but i would bet almost anything that your kid is not going to a private college without borrowing. not saying that anyone needs a private college

 

[Sensitive Blake Griffin]

Rawtid.. stop it.

This is disgusting. Our congress and representatives are absolute fukking GARBAGE. I cannot believe these fukks keep getting fukking re-elected over and over. We give banks trillions but cannot pay for our own fukkin citizens to get higher education without going into massive debt and ridiculous interest rates.. Yea, we're def the best country in the world

shyt is so ass backwards.. no protests though.. no outrage