N.H. college students can’t afford a doubling of loan rates

Lauren Williams's picture
Friday, June 28, 2013

Between soaring tuition payments and mounting student debt, middle class families all across New Hampshire are having a tough time putting their kids through college. And if Congress fails to act this week, it’s going to get even harder.

On July 1, the fixed interest rate on subsidized Stafford loans is scheduled to double from 3.4 percent to 6.8 percent. If Congress doesn’t step in, thousands of Granite State students who rely on these loans will be forced to pay an average of $1,000 extra every year.

We can’t let that happen. At a time when a college education has never been more important — or expensive — the last thing Congress should do is put higher education even further out of reach for our young people.

Hard-working families across the country are already saddled with unprecedented levels of student loan debt. At more than $1 trillion, total student loan debt nationwide now tops credit card debt.

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