Student loan interest rates increase - WALB.com, Albany News, Weather, Sports

Student loan interest rates increase

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Interest rates on federally susidized Stafford students doubled overnight from 3.4 percent to 6.8. The increase resulted from the Congress inability to reach a deal.

The tax increase is said to costs students an average of $2,600, an unpleasing figure to any student.

"They say, go to college, go to college, go to college but increasing the loan rate makes it more difficult for us to want to go to college," said Albany State University senior Brandon Ware. "It's almost like a set-up. Why build up years and years of debt?"

Democrats say the Senate would considering voting on July 10 for a one-year extension of the 3.4 percent rate.

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