Student loan default rates jump
Borrower are considered in default when they miss payments for 270 consecutive days.
Borrower are considered in default when they miss payments for 270 consecutive days.
Congress voted Friday to extend low 3.4% interest rates on federally subsidized student loans for another year, barely beating a July 1 deadline when the rates would double.
Republican Sen. Mitch McConnell, Minority Leader released a statement that indicates it is very possible the current student loan rates could be extended another year.
On Capitol Hill, the House and Senate have until next Saturday to renew low student loan rates, or else they will spike.
The aides predicted a deal would be reached and the legislation approved before the July 1 deadline when Stafford loans are set to double from 3.4% to 6.8%.
For student borrowers, that pricey college education is going to cost a bit more next year.
Some area college students’ eager to see student loan interest rates stay the same–instead of doubling–reached out to President Obama for help.
House speaker sets Friday vote on extending low interest on student loans
Options for students and parents.
As if paying off student loans wasn’t enough, interest rates could double this summer.
According to the report, Virginia ranks sixth in the nation in student loan debt.