Subsidized Student Loan Rates Could Rise July 1
"A student loan battle that could affect thousands of UNC students looms on Capitol Hill as federal lawmakers debate measures to rein in spending. On July 1, the interest rate on subsidized student loans could again rise from 3.4 to 6.8 percent, barring legislative action to stop it," The Daily Tar Heel reports. "This would set the interest rate for subsidized, need-based loans at the same rate as unsubsidized loans. President Barack Obama campaigned at campuses nationwide last year, including at UNC in April, to maintain the lower 3.4 percent rate. Congress voted to extend the lower rate before July 1 of last year. … The debate on student loan interest rates — along with other higher education issues — will remain prominent next year when the federal Higher Education Act is set for reauthorization, said Megan McClean, managing director of federal relations at the National Association of Student Financial Aid Administrators. “All those big issues will be tackled in the Higher Education Act,” McClean said."
NASFAA's "Financial Aid in the News" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.