Quantcast

NOW AVAILABLE: THE FIRST



RolandKickstarter

Rate On Popular Student Loan About To Double

Source: CBS News

The interest rate for a popular federal student loan is about to double for millions of college students.

The prospects of this happening has prompted students to petition Congress to stop the dramatic rate hike. College students on Tuesday delivered petitions signed by 130,000 Americans to Congressional leaders.

The loan that is causing students to panic is the subsidized Stafford Loan, which low- and middle-income students depend upon. Currently the interest rate is 3.4 percent, but it is scheduled to jump to 6.8 percent when the new federal loan season begins July 1.

Students learn from their college or university if they qualify for a subsidized Stafford Loan after they complete the Free Application for Federal Student Aid (FAFSA). Besides the low interest rate, the federal government covers the interest payments on these loans until the borrowers have been out of college for six months.

To read this article in its entirety visit CBS News.

Related Posts Plugin for WordPress, Blogger...

Tags:

Follow Roland Martin Reports on Twitter

Follow Roland S. Martin's Timeline On Facebook

Get Roland Martin Reports in your inbox!
Sign up for Roland Martin Reports Daily News Update powered by FeedBurner

WP-Backgrounds Lite by InoPlugs Web Design and Juwelier Schönmann 1010 Wien