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Student Loans About To Get More Expensive, Twitter Reacts

Subsidized Stafford Loan interest rate increasing to 6.8 in July

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I’m a recent college graduate and I payed for my education with student loans. It sucks that I have to pay back that much money, but I’m not as bad off as current or future students if current financial aid laws concerning student loans aren’t changed.

CBS News is reporting that the Subsidized Stafford Loan interest rate is about to go up to 6.8 percent from its current 3.4 percent rate. This change is due to go into effect on July 1. The change would put the Subsidized Stafford loan on par with the interest rate of the unsubsidized Stafford Loan which is currently at 6.8 percent.

There have been some movements to extend the 3.4 percent interest rate, but the current political climate in Washington coupled with it being an election year makes it hard for much of anything to get done.

Some have taken to twitter to discuss the rate hike:

#FYI The interest rates on the subsidized Stafford Loan is scheduled to double July 1 from 3.4 to 6.8(image) 21 minutes ago via Echofon ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

The interest rate on the subsidized Stafford Loan is about to double! I’m graduating right on time.(image) 1 hour ago via Twitter for iPhone ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

#Congress DOUBLES the interest rate on student loans. http://t.co/CLCsXNH4 #Gov getting desperate if kids are the solution to the #deficit.(image) 3 hours ago via web ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

If you had a Stafford student loan (Sally Mae etc) they are doubling your interest rate to 8.3% in a matter of months and not telling you.(image) 18 hours ago via Twitter for Android ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

Politics definitely play into the current situation, but Daniel Maxey rightly points out the problems with the apathetic culture in college. Trust me, you’re going to care once you graduate and have to start paying it off.

ENGAGEMENT GAP?! 20m+ students in #HigherEd, yet only 130,000 letters for no increase in #finaid interest? http://t.co/mctQ4JAN(image) 18 hours ago via web ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

If you don’t like this, contact your representative. Sitting around hoping the government takes care of this problem itself isn’t going to fix it. Take a cue from the ACTA protests in January. If you make a big enough stink, people in Washington listen.

Student Loans About To Get More Expensive, Twitter Reacts
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