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

Interim President Named for Maine Community College

WGAN-100x100

AUGUSTA, Maine (AP) _ The trustees of the Maine Community College System have named an interim president after John Fitzsimmons…

in Local

Portland Landlord Seeks to Tear Down Site of Deadly fire

Noyes St Fire

PORTLAND, Maine (AP) _ The landlord of a Portland apartment building in which six people died in a fire in…

in Local

Vigil for Mom and Children Killed Last Month in Maine

GENERIC VIGIL

ELLSWORTH, Maine (AP) _ The Next Step Domestic Violence Project will host a candlelight vigil on Sunday to remember a…

in Local

Maine Man Accused of Firewood Scam

GENERIC FIREWOOD LARGE

LIMERICK, Maine (AP) _ The York County Sheriff’s Office says a Limerick man is expected to face more charges in…

in Local

Motorist Seriously Hurt in Crash With Logging Truck

GENERIC ACCIDENT

Authorities say a woman whose car was struck by a fully-loaded logging truck in Maine has suffered serious injuries.

Tweets

  • 16h
  • 16h
  • 16h
  • 17h
  • 17h
  • 18h
  • 20h