Student Loan Interest Rates Set To Double July 1 and Twitter Erupts

Friday, 28 Jun 2013 10:56 AM

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The student loan interest rates are scheduled to double Monday after a series of 11th-hour attempts failed to get Senate approval before Congress adjourned for the July 4 recess Thursday night.

Interest rates on new subsidized Stafford loans will jump from 3.4 percent to 6.8 percent July 1 after lawmakers could not come to an agreement on extending the current rates for one more year. The increased interest rates will reportedly cost students an additional $2,600, according to Congress' Joint Economic Committee.

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Republicans blamed Democrats for failing to come to an agreement.

"As a result of their obstruction, the Democrat-led Senate will leave town and allow interest rates on some new student loans to increase on Monday," Senate Republican Leader Mitch McConnell told The Associated Press. "Senate Democrats continue to block reform and insist on kicking the can down the road." 

The Senate's failure sparked outrage all over Twitter, from President Barack Obama to actual students who are swimming in debt.







 
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