Will Student Loan Interest Rates Go Up?

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President Obama and Congress will likely enter into a heated battle about extending low interest rates on federal student loans, according to a New York Times article published last Friday. The interest rates on student federal loans which are given to over eight million students each year may double to 6.8 percent as of July 1st, if Congress does not pass the extension.

Accounts receivable training companies know just how difficult it can be to pay back these loans after college, especially in today’s job market and increased interest rates would make it even more difficult.

Obama has been visiting universities such as the University of North Carolina at Chapel Hill, the University of Colorado at Boulder, and the University of Iowa in order to build support around this issue to those that it affects most. Parents as well worry a lot their children’s financial future and how they and their children will pay for college tuition, which continues to go up each year.  In many cases it’s a shared cost while it other cases either the parent or the student takes on the full cost of tuition and the necessary loans.

President Obama and the White House are also planning social media campaign through Facebook, Google+ and Twitter to raise awareness about these pending changes.

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This article has 1 comment

  1. Marina 04/26/2012, 3:23 pm:

    I’m 27 and still paying off my student loans! high college costs are a huge problem in the US compared with other countries.

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