Interest rates on new college student loans double, but Congress could restore low rates later

  • Article by: PHILIP ELLIOTT , Associated Press
  • Updated: July 1, 2013 - 2:55 PM

WASHINGTON — College students taking out new loans for the fall term will see interest rates twice what they were in the spring — unless Congress fulfills its pledge to restore lower rates when it returns after the July 4 holiday.

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circleoflifeJul. 1, 1311:31 AM

Then hold off on going to college. This would be a choice.

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alr213Jul. 1, 1311:49 AM

If kids had to delay going to school until they could bank some cash or simply walked away from schools that they had to borrow heavily to attend, perhaps that would put some pressure on these schools to control their costs or dip in to their endowments. No one ever seems too bothered that higher education costs have gallopped along at 3X the rate of inflation for the past 15 years.

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circleoflifeJul. 1, 1312:09 PM

Choose a school closer to home, live with your parents, get a job and pay for school out of pocket.

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brainerdguyJul. 1, 1312:12 PM

Thanks republican'ts!!!

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mylittleidJul. 1, 1312:12 PM

College tuition increases have been obscene in the last ten years. But having kids skip going to college isn't the answer. We can't compete in the global economy unless we have a well-educated workforce.

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freedubayJul. 1, 1312:35 PM

Republicans are totally wrong on this. The banks must be happy. Bigger bonuses yet for them while bankruptcy our future. Of course students can file bankruptcy on school loans, Banks WIN!!

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circleoflifeJul. 1, 1312:44 PM

mylittleid "But having kids skip going to college isn't the answer. We can't compete in the global economy unless we have a well-educated workforce" I'm sorry but this line of thinking is exactly why the costs are skyrocketing and the interest is out of control. Colleges are on to that and are feeding off of it. If people put the brakes on taking out loans for college, the costs would go down. It's called going on strike.

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libsheepJul. 1, 1312:55 PM

@brainerdguy - yeah, let's blame the republicans, when colleges have been raising tuition, in some case, double-digit increases. Yeah, it's the republicans.

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freedubayJul. 1, 1312:58 PM

Meant to say Students can't file for bankruptcy on student loans.

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dogmanJul. 1, 13 1:22 PM

"when colleges have been raising tuition, in some case, double-digit increases" -- not sure of the logic that excuses the doubling of interest rates because tuition has increased. One has nothing to do with the other. I guess it's just an attempt at deflecting blame away from teapublicans.

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