Student loan interest rates to double if no Congress deal

Student loan interest rates to double if no Congress deal

Posted: Updated:
NEW YORK (MYFOXNY) -

Student loan interest rates are set to double if Congress doesn't reach a deal by July 1st.

Congresswoman Carolyn Maloney (D-NY), Congressman Charles Rangel (D-NY) and Congressman Gregory Meeks (D-NY) held a press conference with students and members of higher education advocacy groups by Hunter College Saturday. They were there to demand that Congress act immediately to prevent the doubling of student loan interest rates.

Students are currently paying 3.4 percent interest on federally subsidized student loans but on Monday, July 1st, the rate will increase to 6.8 percent.

Maloney says students could end up paying and extra $4,500 and instead of preventing a high increase per student, Congress has decided to go on holiday for the Fourth of July.

"For many who are already struggling, this additional cost will mean that the dream of a better life for themselves or their children must be deferred or denied. I am urging my colleagues, on both sides of the aisle, to go back to D.C. to prevent saddling these young students with even more debt," said Congresswoman Maloney.

Maloney is urging both parties to pass bi-partisan legislation that would delay an increase for the next few years.

"In order to sustain America's strength and prosperity in the 21st century, we must make affordable higher education a national priority. Anyone who aspires to advance their education should have the opportunity to do so -- without incurring debilitating amounts of student debt," said Congressman Rangel.

  • New York State NewsNew York State NewsMore>>

  • NY brothers invent machine that makes CPR easier

    NY brothers invent machine that makes CPR easier

    Tuesday, July 29 2014 6:40 PM EDT2014-07-29 22:40:57 GMT
    Only 10 percent of people who get CPR from a bystander actually survive. But two young men in Westchester County have now patented a device that could dramatically increase those odds and save lives. John and Chris DiCapua's sitting room in their parents' Westchester County home has had a unique guest lying around for quite a while now: a CPR dummy. What began as an idea from their time as Boy Scouts is now a device that could potentially save lives.
    Only 10 percent of people who get CPR from a bystander actually survive. But two young men in Westchester County have now patented a device that could dramatically increase those odds and save lives. John and Chris DiCapua's sitting room in their parents' Westchester County home has had a unique guest lying around for quite a while now: a CPR dummy. What began as an idea from their time as Boy Scouts is now a device that could potentially save lives.
  • Scenes for "Girls" to be shot at SUNY New Paltz

    Scenes for "Girls" to be shot at SUNY New Paltz

    Tuesday, July 29 2014 2:51 PM EDT2014-07-29 18:51:27 GMT
    Some scenes for the HBO series "Girls" will be shot at the State University of New York at New Paltz.  The series star and creator Lena Dunham will reportedly be directing scenes Tuesday afternoon on the campus 75 miles north of New York City.
    Some scenes for the HBO series "Girls" will be shot at the State University of New York at New Paltz.  The series star and creator Lena Dunham will reportedly be directing scenes Tuesday afternoon on the campus 75 miles north of New York City.
  • NY teacher tenure system faces new legal challenge

    NY teacher tenure system faces new legal challenge

    Monday, July 28 2014 10:14 PM EDT2014-07-29 02:14:16 GMT
    An educational advocacy group led by former CNN journalist Campbell Brown is challenging New York state's teacher tenure system, filing a lawsuit Monday that alleges that job protections unfairly shield bad teachers. Seven parents of public school children from New York City and Rochester are the plaintiffs in the lawsuit, filed in Supreme Court in Albany.
    An educational advocacy group led by former CNN journalist Campbell Brown is challenging New York state's teacher tenure system, filing a lawsuit Monday that alleges that job protections unfairly shield bad teachers. Seven parents of public school children from New York City and Rochester are the plaintiffs in the lawsuit, filed in Supreme Court in Albany.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices