We know that many students have to borrow in order to attend college. On top of that, the interest rates on many new federal student loans doubled on July 1 from 3.4 percent to 6.8 percent.
There are congressional efforts to lower the rates. But regardless of whether Republicans and Democrats find a compromise on the student loan interest rate, the bigger issue is curbing the cost of college so that interest rates don’t matter as much. This is particularly important since a large number of students borrow and then don’t finish college.