posted on April 30, 2012 19:39
Congress has delayed action on increasing rates on student loans. Lawmakers are trying to figure out if it’s possible to keep rates low on a Federal Stafford Loan considering the government would save $6-billion by boosting rates. If a law passes rates would double from 3.4% to 6.8% by this July.
WBTA talked to Genesee Community College’s Director for Financial Aid Joe Bailey to get his take on the possible rate hike.
"Doubling the interest rate it's going to have a big impact on a lot of students and that's just on top of the regular concerns that we already have about the loan debt that students are taking on," said Bailey.
Bailey said many students are trying to curb the increase by taking summer classes, that way they will receive the current rate before an increase is put in place.
"What they're talking about it's encouraging that both President Obama and Mitt Romney both agreed on this subject and I think it's just a matter of trying to find the money and I'll leave it up to those guys to try and figure out whats the best way to do that," said Bailey.
The bill was originally voted on this past Friday. The date for another vote on the bill has yet to be set.