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>>

  • Mark David Chapman

    John Lennon's killer denied parole again

    John Lennon's killer denied parole again

    Friday, August 22 2014 4:10 PM EDT2014-08-22 20:10:09 GMT
    John Lennon's killer was denied release from prison in his eighth appearance before a parole board, New York corrections officials said Friday. The decision on Mark David Chapman by a three-member board came after a hearing Wednesday, the state Department of Corrections said. Chapman fired five shots on Dec. 8, 1980, outside the Dakota apartment house where Lennon lived on Manhattan's Upper West Side, hitting the ex-Beatle four times.
    John Lennon's killer was denied release from prison in his eighth appearance before a parole board, New York corrections officials said Friday. The decision on Mark David Chapman by a three-member board came after a hearing Wednesday, the state Department of Corrections said. Chapman fired five shots on Dec. 8, 1980, outside the Dakota apartment house where Lennon lived on Manhattan's Upper West Side, hitting the ex-Beatle four times.
  • Fitbit responds to data selling accusations

    Fitbit responds to data selling accusations

    Friday, August 22 2014 12:57 PM EDT2014-08-22 16:57:29 GMT
    The maker of a popular line of wearable fitness-tracking devices says it has never sold personal data to advertisers, contrary to concerns raised by U.S. Sen. Charles Schumer. San Francisco-based Fitbit said Friday that it has clarified its privacy policy to make it clear the company doesn't share information about its users. Schumer raised concerns about the company's privacy policy earlier this month and called for federal rules to allow consumers to protect their data.
    The maker of a popular line of wearable fitness-tracking devices says it has never sold personal data to advertisers, contrary to concerns raised by U.S. Sen. Charles Schumer. San Francisco-based Fitbit said Friday that it has clarified its privacy policy to make it clear the company doesn't share information about its users. Schumer raised concerns about the company's privacy policy earlier this month and called for federal rules to allow consumers to protect their data.
  • Torture video leads to kidnapping convictions

    Torture video leads to kidnapping convictions

    Friday, August 22 2014 8:00 AM EDT2014-08-22 12:00:26 GMT
    A jury shown the videotaped torture of a kidnapping victim has convicted the two men who held a man captive for 17 hours at a Buffalo home because they thought he was a police informant. Authorities say the two men kidnapped a 25-year-old crack addict they accused of being a snitch. Video from Dawson's cellphone shows a gun being shoved into the victim's mouth and the victim being forced to lick his own blood off the boot of a captor.
    A jury shown the videotaped torture of a kidnapping victim has convicted the two men who held a man captive for 17 hours at a Buffalo home because they thought he was a police informant. Authorities say the two men kidnapped a 25-year-old crack addict they accused of being a snitch. Video from Dawson's cellphone shows a gun being shoved into the victim's mouth and the victim being forced to lick his own blood off the boot of a captor.
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 | New Terms of Service What's new | Ad Choices