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

in Local

South Dakota Attorney Addresses Legislative Committee

Marty Jackley news conf 92313

An arrest warrant was prepared for Richard Benda.

in Local

Drones Banned From Mighty Mo

Missouri River Mulberry Bend 60111

Unmanned aircraft have been banned within the boundaries of the Missouri National Recreational River on the South Dakota – Nebraska border.

in Local

Internet Provider Sold

KNOLOGY 72914

A South Dakota cable, phone and internet provider has been sold, and the new owners are promising improved services.

in Local

Power Company Expansion Approved

NW ENERGY 72914

Northwestern Energy is looking at a major upgrade of their electric transmission facilities in and near Yankton.

in Local

Committee To Meet On EB5

state capitol pierre

The Government Operations and Audit Committee of the South Dakota legislature is meeting today in Pierre.