Most Active Stories
- Nuala Pell, Spouse And Political Partner Of Sen. Claiborne Pell, Dies
- Scott MacKay Commentary: We Remember: Patriot's Day 2014
- Brown University Looking To Become Center For Brazilian Study
- Beer, Wine Bills Backed By Farm Breweries And Wineries, But Not Liquor Industry
- Remembering Local Musician David Lamb Of Brown Bird
Thu June 6, 2013
Reed Hopes to Keep Student Loan Interest Down
On Capitol Hill Thursday the Senate will vote on a bill by Senator Jack Reed that blocks a rate hike on student loans. What’s called “The Student Loan Affordability Act” would keep the interest rate on federal student loans from doubling for two years.
Reed said that’s how long it will take Congress to come up with a long-term solution.
“Then in those two years produce a comprehensive bill that addresses: rates, repayment, and refinancing of existing student loans. And reform of the whole system in terms of the relationship between what are students paying and what they’re getting in terms of career preparation.”
If nothing’s done by July 1st, the interest rate on student loans will double from 3-point-4 percent to 6-point-8. That’s an extra thousand dollars a year for the average student.