Durbin: Stop student loan interest rate hike - Philadelphia News, Weather and Sports from WTXF FOX 29

Durbin: Stop student loan interest rate hike

Posted: Updated:
CHICAGO (Associated Press) -

Sen. Dick Durbin says Congress must act to stop interest rates on some student loans from doubling.

The rate hike is scheduled to occur July 1 on federally subsidized Stafford loans. Durbin says that could mean more than 365,000 Illinois students with Stafford loans would have to pay almost $1,000 more in interest over the life of their loan.

The interest rate is set to increase from 3.4% to 6.8%.

Durbin supports a Senate proposal to keep the interest rate level for two years while Congress works on a long-term plan for the federal student loan program. That legislation stalled this week after a Republican filibuster.

A Republican proposal also failed.

The Illinois Democrat says lawmakers must ensure education is affordable for students from working and middle-income families.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Follow Us!

Share Your Photos & Video

Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

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