Student loan interest rates to double if no Congress deal

Student loan interest rates to double if no Congress deal

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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.

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