Deadline Near With No Deal on Loan Rates for Students

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loanWe are close to the day where student loan rates are expected to increase.  The Senate majority leader rejected a proposed bipartisan solution that has now scrambled alliances and muddied political attacks for both sides.

Barring a last-minute breakthrough, 7.4 million university students will see rates on their federal Stafford loans jump to 6.8 percent from 3.4 percent on July 1.  Senators need to find a compromise for these interest rates  one Senator Joe Manchin III, said “I hope that people start looking at truly compromising and working on something that fixes it.”

House Republicans passed their own student loan bill in May, then went on the offense, saying the Democrats were the ones who have failed to act responsibly.

Has congress buried the topic of  student loan rates and overly focused on the immigration reform?  Senators Tom Harkin of Iowa and Jack Reed of Rhode Island, both Democrats, will rush new legislation to the Senate on Thursday to freeze the 3.4-percent rate for one year while lawmakers try to reach a long-term agreement in a broader higher education law.

The topic of  raising student loan interest rates should not be ignored.  The future of America’s professionals is at stake and if we don’t fight now later it will be too late.  The unemployment rates for most college students is very high and it makes no sense to implement these rates on individuals that simply can’t afford them

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Picture by www.rockvalleycollege.edu

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