More than 7 million students will see interest rates on their student loans double from 3.4 to 6.8 percent on Monday, after the failure of Congress to pass legislation to prevent the automatic rate hike that they successfully deferred for a year last summer.
Students can expect to pay an additional $3,000 on a $23,000 loan paid over a ten year period. The average student loan debt is now approximately $23,000. Amounts increase with the furthering of education needed to get a job to pay for these loans. It is becoming a viscous cycle. Who will be able to afford a house, car or travel? This will futher stifle the economy. We need Congress to wake up to these horrifying realizations!