Politics & Government

As Student Loan Rates Double, DeLauro Pushes For Action

In the recently concluded academic year, there were 73,051 student borrowers in Connecticut who will be impacted by this increase.


By Gary Jeanfaivre

Branford's Congressional representative is pushing for "immediate action" to prevent student loan interest rates from doubling.

The increase on government subsidized student loans, to 6.8%, actually already took effect, on July 1. Congresswoman Rosa DeLauro, D-3, says action needs to be taken now, and that it must be retroactive so that students aren't saddled with even more debt.

"Congress should take immediate action to retroactively keep the subsidized student loan interest rate at 3.4 percent," DeLauro says in a press release issued Monday. "Every American should have the opportunity to get an education and a better life, and it is unthinkable that we are making it harder for them to do that."

According to an article on CNN Money's website, about 7 million Americans are expected to take out the subsidized Stafford loans this year.

In the recently concluded academic year, there were 73,051 student borrowers in Connecticut who will be impacted by this increase, according to the release from DeLauro's office. And, it continues, every year Congress fails to act will cost students with subsidized loans $1,000 in additional interest payments. 

The CNN article goes on to say that Democrats are trying to gather support for a one-year extension, while Republicans reportedly prefer a longer-term solution.

"The Republican Majority should stop playing games and work with Democrats on a real solution to keep higher education affordable for our hard working students,” DeLauro, the senior Democrat on the subcommittee responsible for funding the Department of Education, says.


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