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Courtney, students at Capitol to testify on student loan interest rates

June 17, 2013 Areawide, Business No Comments
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The current fixed interest rate on Stafford federal subsidized student loans, held by nearly 8 million undergraduates, is 3.4 percent, but that rate will double to 6.8 percent on July 1, 2013 unless Congress takes action. Photo: Connecticut State Capitol building, Hartford, CT – file photo.

Press Release

Congressman Joe Courtney, Eastern Connecticut State University President Elsa Núñez and a delegation of students and advocates from ConnPIRG (Public Interest Research Group) will be at the Capitol in Hartford, CT today (June 17) to ask Congress to keep student loan interest rates from doubling.

With only 13 days until the deadline, they hope to prevent the hike from taking effect on July 1.

The current fixed interest rate on Stafford federal subsidized loans, held by nearly 8 million undergraduates, is 3.4 percent, but that rate will double to 6.8 percent on July 1, 2013 unless Congress takes action.

That increase could mean an addition $5,000 in debt over a 10-year repayment period for borrowers who rely most on federal student loans.

Rep. Courtney introduced the Student Loan Relief Act (H.R. 1595) to lock in the lower rate for two years, which would allow the Congress the time it needs to craft a long-term solution to the student loan debt crisis.

Additionally, at the press conference, ConnPIRG will release extensive data about the damaging impact of the rate hike on Connecticut students, including the impact on Connecticut’s economy.

Posted June 17, 2013

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