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.

Recent Headlines

13 hours ago in Local

PDR Disabled You Deer Hunt Looks For Disabled Children

fawn_deer

The PDR Disabled Youth Deer Hunt is looking for disabled adolescents to attend a free whitetail deer hunt.

15 hours ago in Local

Gov Dayton Says Clinton is Best Qualified for President

Democratic presidential candidate Hillary Clinton speaks at New York University's Kaufman Management Center

Featuring: Hillary Clinton
Where: New York City, New York, United States
When: 24 Jul 2015
Credit: Dennis Van Tine/Future Image/WENN.com

**Not available for publication in Germany, Poland, Russia, Hungary, Slovenia, Czech Republic, Serbia, Croatia, Slovakia**

Minnesota Governor Mark Dayton has maintained support for Presumptive Democratic Nominee, Hillary Clinton

16 hours ago in Local

Epidemiologist Warns of Ticks Over Memorial Day Weekend

Lake Oakwood Shore-approved-inhouse

With Memorial Day weekend just ahead, thousands of Nebraskans will be heading out on their first camping trips of the season -- and they'll need to take precautions against ticks.

17 hours ago in Local

Iowa Police Chief Retires

police to protect and to serve approved clipart

Officials in Iowa City will be looking for a new police chief. Sam Hargadine on Monday announced his retirement, effective June 30.

2 days ago in Local

Dairy Overlay District May Come Soon to Yankton

DairyCows

The Yankton County Commission will host a public meeting this week to talk about forming a dairy overlay district.