While college students are taking the summer off from schoolwork and exams, politicians in Congress are frantically doing some writing of their own — legislation — on how to prevent loan interest rate costs from increasing.
The interest rate on federally subsidized Stafford loans is currently at 3.4 percent, but it is set to revert back to 6.8 percent July 1, the rate it was before the 2007 College Affordability Plan gradually lowered it.
According to consumer group PennPIRG, each Pennsylvania student with a Stafford loan would have a $956 hike in debt if the rate doubles.
