NEC Urges Congress to Address Student Loan Interest Rates
The New England Council is urging members of the New England Congressional delegation to take action to address the recent doubling of interest rates for Stafford Loans. As of Monday, July 1, interest rates on federal Stafford Loans increased from 3.4% to 6.8%. In a letter sent to each member of the New England House and Senate delegations, the Council noted that the increase in cost for these loans going forward will affect some seven million students. It is estimated that those who borrow the maximum amount, $23,000 over a college career, will pay about $4,000 more in interest over a standard ten-year repayment plan.
The Council’s letter urges Congress to act quickly and decisively to keep interest rates on these critically important loans as low as possible, and
provide a measure of certainty for both students and for the region’s man institutions of higher education. Click here to read a copy of the letter.
Visit the Education & Workforce page of this site to learn more about the Council’s work on higher education issues.
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