WASHINGTON – If nothing is done by the beginning of July, the college federal student loan rate will double and US Senator Charles Schumer has joined the battle to keep it at its current level.
The Senator said on Wednesday he is in support of the effort to retain the current rate.
“To let the loan rate to go from 3.4 percent to 6.8 percent would cost the average student about $3,798 more over their retainment term,” said Schumer. “That’s not chump change; that’s mortgage payments, car payments, and let’s not forget that students have lots of other debt.”
Schumer called the double of the interest rate “outrageous.”
The senator said some action must be taken before the July 1 deadline.