Stafford Loan rates double, but local financial aid officers counsel patience

Kylie Lacey's picture

As lawmakers in Washington try to reach a deal to lower student loan interest rates, local college financial aid officers are telling concerned parents and students they should prepare for higher rates.

But they are hoping a deal can still ease the pain for borrowers.

Roughly half of the undergraduate student bodies at four local colleges and universities qualify for the subsidized student loans being debated. Congress failed to act to keep interest rates on Stafford Loans from doubling to 6.8 percent July 1. Lawmakers have tried and failed to come up with a compromise to this point.

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