News

Student loan rates double without Congress’ action

Student loan rates double without Congress’ action

WASHINGTON (AP) — Interest rates on some new federally backed loans for college students are now double what they were last week.

student-loan-chartSubsidized Stafford loan interest rates went to 6.8 percent on Monday because Congress didn’t strike a deal to keep them low. That translates to an extra $2,600 per student in costs. It affects roughly a quarter of all federal borrowers.

The effects aren’t immediate, though. That’s because most students sign their loan documents when they return to campus in the fall.

Lawmakers say they can return the interest rates to 3.4 percent when they return after the July 4 holiday.

The Republican-led House passed a bill before leaving town that linked student loan interest rates to the financial markets. The Democratic-led Senate, however, was unable to overcome a procedural hurdle.

Latest Headlines

in Local

LePage Raises $271,000 in Race; Michaud $440,000

GENERIC MONEY LARGE

PORTLAND, Maine (AP) _ Republican Maine Gov. Paul LePage has raised $271,000 in the latest campaign finance reporting period and has about $361,000 in cash on hand.

in Local

Hillary Clinton Stumps for Michaud in Maine

mike_michaud

SCARBOROUGH, Maine (AP) _ Hillary Rodham Clinton says Democratic gubernatorial nominee Rep. Mike Michaud is the best candidate to spur economic change in Maine.

in Local

Michaud Says He Has $560K Cash in Governor’s Race

mike_michaud

PORTLAND, Maine (AP) _ Democratic candidate for governor Mike Michaud has raised nearly $440,000 in the latest reporting period ending Oct. 21. His campaign says that brings his fundraising total to $2.85 million.

in Local

Scattered Showers in Maine After Heavy Rain, Wind

Newsradio WGAN

PORTLAND, Maine (AP) _ A powerful storm that has been soaking Maine for more than 48 hours has lived up to expectations.

in Local

Maine CDC Launches Ebola Preparedness Website

C

Maine is launching a new website about preparedness and response to suspected cases of Ebola virus.