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

Man Who Pushed Wife Off Maine Cliff Nears Sentence

Fresh
GENERIC GAVEL AND FLAG

A former Maine resident convicted of trying to kill his wife by pushing her off a cliff in Camden Hills State Park is set to be sentenced in one week.

in Local

Norridgewock Woman Faces Eviction Over Service Dog

GENERIC GAVEL LARGE

NORRIDGEWOCK, Maine (AP) - A Norridgewock woman faces eviction from her home for allowing her daughter's service dog to visit the house for five days in August in what her landlord says was a violation of the lease.

in Trending, Viral Videos

TODAY’S MUST SEE: ‘Star Wars’ minus music

12-overlay2

Without John Williams, the Throne Room would be a scene full of people creepily smiling at each other.

in Local

PepsiCo To Close 2 Warehouses In Maine

PEPSI LOGO

PORTLAND, Maine (AP) - PepsiCo has announced that it is closing beverage warehouses in Portland and Augusta, but most of the 100 affected employees are expected to be offered jobs elsewhere within the company.

in Local

Maine Oil Train Protester Trial Ends In Hung Jury

generic gavel

AUBURN, Maine (AP) — The trial of a second defendant charged with trespassing for sitting on the tracks to block a train carrying crude oil through Maine has ended in a hung jury.