Interest Rates on Student Loans Double - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Interest Rates on Student Loans Double

Posted: Updated:

SALISBURY, Md.- Salisbury University student Candace Salisbury works three jobs to pay for college. And that's not enough. So she took out two loans.

"Probably about $20,000 a year," Salisbury, who is also of Salisbury, said.

Paying "the Feds" back is "dreadful," Salisbury said.

"Not everyone has someone to support them; to pay for it back," said Salisbury. "Like some people are fortunate enough to pay for it's family. But some people have to pay out of pocket."

About 7 millions students are in her shoes.

At a time when SU student Corey Sznajder is scrambling for cash, he worries that he also will not be able to keep up.

"It's kind of tough to really compromise or justify going to college for four years, when you might not be able to pay off all of these debts until you are in your mid-30s or so," said Sznajder, of Salisbury.

Now Congress is asking students to foot more of the bill.

Students will have to pay back 6.8 percent of student loans instead of 3.4 percent.

"Raising the interest rate seems kinda crazy, well not exactly crazy, well actually ridiculous, when you consider how much debt we are going to be in as it is," said Sznajder.

Higher interest rates would bring in $36 billion in revenue. But the rates could cost students about $5,000 more in loan repayment charges.

"I'm a little discouraged," Sznajder said. "I kind of wish they could see it from our point of view and seeing how we are students and it is difficult for us to pay our tuition back."

As the interest rates continue to spike, so will the number of students in debt.

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Shoreline Under Repair Along NASA Wallops Flight Facility

    Shoreline Under Repair Along NASA Wallops Flight Facility

    Wednesday, July 23 2014 12:05 AM EDT2014-07-23 04:05:19 GMT
    For more than one year, the Atlantic Ocean has been chewing up a zone that protects NASA's most critical launch assets on Wallops Island. Hurricane Sandy is to blame. Now, a coastal restoration project is underway to fix the damage on the coastline.More
    For more than one year, the Atlantic Ocean has been chewing up a zone that protects NASA's most critical launch assets on Wallops Island. Hurricane Sandy is to blame. Now, a coastal restoration project is underway to fix the damage on the coastline.More
  • Second Public Hearing Brings More Opposition

    Second Public Hearing Brings More Opposition

    Tuesday, July 22 2014 11:24 PM EDT2014-07-23 03:24:04 GMT
    When Planning and Zoning held their public hearing on July 10, hundreds of people came out to voice their support and opposition to a country music festival in the Harbeson area. Approximately two weeks later on Tuesday afternoon about 100 showed up to voice their opinion, primarily in opposition. The County Council heard from dozens of neighbors who said they were staunchly against the festival, citing potential problems with noise, traffic, pollution, and crime.More
    When Planning and Zoning held their public hearing on July 10, hundreds of people came out to voice their support and opposition to a country music festival in the Harbeson area. Approximately two weeks later on Tuesday afternoon about 100 showed up to voice their opinion, primarily in opposition. The County Council heard from dozens of neighbors who said they were staunchly against the festival, citing potential problems with noise, traffic, pollution, and crime.More
  • Del. Police See High Crime Clearance Rate

    Del. Police See High Crime Clearance Rate

    Wednesday, July 23 2014 1:27 AM EDT2014-07-23 05:27:14 GMT
    The Dover Police Department says its criminal investigations unit could see its best clearance rate in five years.More
    The Dover Police Department says its criminal investigations unit could see its best clearance rate in five years.More
  • Most Popular StoriesMost Popular StoriesMore>>

  • Two Killed in Del. Crash

    Two Killed in Del. Crash

    Tuesday, July 22 2014 11:45 AM EDT2014-07-22 15:45:19 GMT
    Delaware State Police say two Dover men were killed Monday night after the tow truck they were riding in went off the road and crashed into a telephone pole near Little Creek.More
    Delaware State Police say two Dover men were killed Monday night after the tow truck they were riding in went off the road and crashed into a telephone pole near Little Creek. More
  • Updated: Fire Ruins Historical Hebron Church

    Updated: Fire Ruins Historical Hebron Church

    Tuesday, July 22 2014 11:33 PM EDT2014-07-23 03:33:21 GMT
    Fire has destroyed the historical St. Paul's Episcopal Church located on westbound Route 50 in Hebron.More
    Authorities are investigating a Tuesday fire that destroyed the historical St. Paul's Episcopal Church at the corner of Memory Gardens Lane and Route 50 in Hebron, Md. Preliminary damage is estimated at approximately $500,000.More
  • Stolen Hotel Painting Found

    Stolen Hotel Painting Found

    Tuesday, July 22 2014 11:28 PM EDT2014-07-23 03:28:53 GMT
    A portrait was stolen Sunday evening from the Dunes Manor Hotel, but it's been returned.More
    A portrait was stolen Sunday evening from the Dunes Manor Hotel, but it's been returned.More
Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service