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

Wagner Man Arrested in Charles Mix County

turner

Russell Turner, 40, of Dante has been arrested in connection with an incident in Charles Mix County that resulted in an officer firing shots into a vehicle.

in Local

Candidates for South Dakota District 17 Legislature Disagree on Medicaid Expansion

Medical Stethoscope

The candidates running for District 17 Legislature have different ideas about the expansion of Medicaid for South Dakota.

in Local

South Dakota District 17 Legislative Candidates Talk Education Funding

school_bus_1

Four candidates for the South Dakota Legislature have different opinions about education funding.

in Local

South Dakota Highway Rated Safe

Highway sign 61014

Captain John Broers is District Commander for the Motor Carrier Division of the State Highway Patrol.

in Local

Program Promotes Business Development

One Million Cups 102914

One Million Cups could lead to some significant business development.