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

Yankton Initiative To Offer $10,000 For Next Big Idea

Fresh
IMG_0699

A new group called “Onward Yankton” has been teasing what they have been calling a new initiative for the community.

in Local

Sediment In Lake An Issue

missouri river sign

The amount of sediment flowing into Lewis and Clark Lake from the Niobrara River have groups struggling to find a solution.

in Local

Camping Reservations Being Taken

Camping

With warm weather around the corner, the South Dakota Game, Fish and Parks Department is gearing up for vacation season and already getting reservations for camping sites at many of the state parks.

in Local

Nebraska Senate Debates Gas Tax

gas pumps 2

A bill that would increase the gas tax in Nebraska by six cents a gallon will be up for debate this week.

in Local

Regional Economic Indicator Lower

down arrow

The Creighton University Mid-America Business Conditions Index for March, a leading economic indicator for a nine-state region stretching from North Dakota to Arkansas, fell from February’s reading.