Interest rate on government-backed student loans will jump from 3.4 to 6.8 percent Monday because of federal government impasse; increase will affect new loans
(UNION) – Assemblyman Joseph Cryan (D-Union) issued the following statements on Friday following news that the interest rate on new government-backed student loans will double on July 1 after federal lawmakers were unable to reach a compromise to prevent the increase:
“College students are graduating with higher school loan debt than ever before. Students who rely on these loans do so because they don’t have the financial means to pay their tuition outright. To indebt them further is just wrong. We tell young people that education is the key to success and encourage them to go to college, but then make it more costly to do so. These students haven’t even graduated yet and are already facing thousands of dollars in debt. If we are genuine about wanting our young people to succeed, then let’s put politics and ego aside and find a resolution to this matter.”