Student Loan Interest Rates Will Double If Lawmakers Don’t Reach Compromise

Originally posted on CBS Sacramento:

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SACRAMENTO (CBS13) – The cost of college could skyrocket for millions of students if lawmakers don’t reach a deal by Monday.

If a compromise isn’t reached, about 7 million students will see their student loan interest rates jump. So if you’re borrowing $27,000 in student loans, then you’ll end up paying $5,000 more in interest over a 10 year period.

“That’s ridiculous. I don’t know how any of us are going to do that,” said one Sacramento State student.

“I don’t want to be 45 and still paying student loans,” said another.

Students at the university say they are already fighting rising tuition costs, and any more on their plate could prevent them from reaching their academic and career goals.

“These students have had to take on more and more debt to pay for this investment,” President Obama said.

Interest rates for need-based or subsidized…

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