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

Student loan interest rates increase

Posted: Updated:
  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Southern Veneer catches fire

    Southern Veneer catches fire

    Wednesday, July 23 2014 4:30 PM EDT2014-07-23 20:30:03 GMT
    A company that makes wood products in Fitzgerald sustained a fire earlier today. Amy Taylor Chief Financial Officer from Southern Veneer says started around 2:30p.m. in the roof above the dryers.More >>
    A company that makes wood products in Fitzgerald sustained a fire earlier today. Amy Taylor Chief Financial Officer from Southern Veneer says started around 2:30p.m. in the roof above the dryers.More >>
  • Residents on alert for kids in cars

    Residents on alert for kids in cars

    Wednesday, July 23 2014 4:22 PM EDT2014-07-23 20:22:40 GMT
    Tuesday night, they got a call from someone in the Harvey's parking lot who said a baby was left in a car. Officials say when they got there the car was gone, the woman then drove to the sheriff's office with the baby, which was OK.More >>
    Tuesday night, they got a call from someone in the Harvey's parking lot who said a baby was left in a car. Officials say when they got there the car was gone, the woman then drove to the sheriff's office with the baby, which was OK.More >>
  • Thief breaks into locked car

    Thief breaks into locked car

    Wednesday, July 23 2014 4:15 PM EDT2014-07-23 20:15:19 GMT
    Car break-ins continue to be a major problem all across south Georgia. One victim in Americus is worried about how crooks got in his car, even though it was locked.More >>
    Car break-ins continue to be a major problem all across south Georgia. One victim in Americus is worried about how crooks got in his car, even though it was locked.More >>

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.

Copyright 2013 WALB.  All rights reserved.