Student loan interest rates to double if no Congress deal - Boston News, Weather, Sports | FOX 25 | MyFoxBoston

Student loan interest rates to double if no Congress deal

Posted: Updated:
NEW YORK (MYFOXNY) -

Student loan interest rates are set to double if Congress doesn't reach a deal by July 1st.

Congresswoman Carolyn Maloney (D-NY), Congressman Charles Rangel (D-NY) and Congressman Gregory Meeks (D-NY) held a press conference with students and members of higher education advocacy groups by Hunter College Saturday. They were there to demand that Congress act immediately to prevent the doubling of student loan interest rates.

Students are currently paying 3.4 percent interest on federally subsidized student loans but on Monday, July 1st, the rate will increase to 6.8 percent.

Maloney says students could end up paying and extra $4,500 and instead of preventing a high increase per student, Congress has decided to go on holiday for the Fourth of July.

"For many who are already struggling, this additional cost will mean that the dream of a better life for themselves or their children must be deferred or denied. I am urging my colleagues, on both sides of the aisle, to go back to D.C. to prevent saddling these young students with even more debt," said Congresswoman Maloney.

Maloney is urging both parties to pass bi-partisan legislation that would delay an increase for the next few years.

"In order to sustain America's strength and prosperity in the 21st century, we must make affordable higher education a national priority. Anyone who aspires to advance their education should have the opportunity to do so -- without incurring debilitating amounts of student debt," said Congressman Rangel.

  • New York State NewsNew York State NewsMore>>

  • Soldier who killed herself at Va. Army base was from Yonkers

    Soldier who killed herself at Va. Army base was from Yonkers

    Wednesday, August 27 2014 1:28 PM EDT2014-08-27 17:28:56 GMT

    The Army has identified the soldier who barricaded herself in a building at a Virginia base and then fatally shot herself in the head.  Fort Lee officials on Wednesday say it was 33-year-old Sgt. 1st Class Paula M. Walker of Yonkers

    The Army has identified the soldier who barricaded herself in a building at a Virginia base and then fatally shot herself in the head.  Fort Lee officials on Wednesday say it was 33-year-old Sgt. 1st Class Paula M. Walker of Yonkers

  • Beheaded goat found in Westchester

    Beheaded goat found in Westchester

    Tuesday, August 26 2014 4:37 PM EDT2014-08-26 20:37:42 GMT
    The carcasses of beheaded birds, goat, and other animals were found in bags dumped on the side of a road in Westchester County, the local SPCA said. The bags were found Monday at the intersection of Route 129 and Underhill Avenue in Yorktown.
    The carcasses of beheaded birds, goat, and other animals were found in bags dumped on the side of a road in Westchester County, the local SPCA said. The bags were found Monday at the intersection of Route 129 and Underhill Avenue in Yorktown.
  • Woman running for Seneca Nation presidency

    Woman running for Seneca Nation presidency

    Tuesday, August 26 2014 2:50 PM EDT2014-08-26 18:50:33 GMT
    A Seneca Nation Council member is running to become the first female president of the western New York tribe. Darlene Miller announced her candidacy on Monday, saying she wants to unify the divided Seneca Nation and get back to traditional ways and values.
    A Seneca Nation Council member is running to become the first female president of the western New York tribe. Darlene Miller announced her candidacy on Monday, saying she wants to unify the divided Seneca Nation and get back to traditional ways and values.
Powered by WorldNow

25 FOX Drive
Dedham, MA 02026

Phone (781) 467-2525

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices