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>>

  • Ocean City Postpones Median Project

    Ocean City Postpones Median Project

    Monday, May 22 2017 7:20 PM EDT2017-05-22 23:20:09 GMT
    Monday, May 22 2017 11:15 PM EDT2017-05-23 03:15:10 GMT

    Ocean City median project has been postponed till fall of 2018. 

    More

    Ocean City median project has been postponed till fall of 2018. 

    More
  • White Marlin Open Tournament Trial Underway In Baltimore

    White Marlin Open Tournament Trial Underway In Baltimore

    Monday, May 22 2017 10:52 PM EDT2017-05-23 02:52:10 GMT
    Monday, May 22 2017 11:12 PM EDT2017-05-23 03:12:32 GMT

    BALTIMORE, MD -  It was last August, when Phil Heasley from Florida caught a 76.5 pound white marlin off the coast of Ocean City. That fish made him the winner of 2.8 million dollars in prize money for the 2016 White Marlin Open Tournament. Tournament officials however said Heasley and his crew failed the post-tournament lie detector tests regarding tournament rules. In a statement on the event's website last August, White Marlin Tournament officials said they were inv...

    More

    BALTIMORE, MD -  It was last August, when Phil Heasley from Florida caught a 76.5 pound white marlin off the coast of Ocean City. That fish made him the winner of 2.8 million dollars in prize money for the 2016 White Marlin Open Tournament. Tournament officials however said Heasley and his crew failed the post-tournament lie detector tests regarding tournament rules. In a statement on the event's website last August, White Marlin Tournament officials said they were inv...

    More
  • Discussion Sparked on Kent County's "Dangerous" Animal Ban

    Discussion Sparked on Kent County's "Dangerous" Animal Ban

    Monday, May 22 2017 7:46 PM EDT2017-05-22 23:46:41 GMT
    Monday, May 22 2017 11:11 PM EDT2017-05-23 03:11:44 GMT

    DOVER, Del. -- John Zalewski of Kent County says he'd like to keep poison dart frogs at his home near Milford, something he thinks would not be blocked by the state's permitting process for exotic animals. However, Zalewski claims he was told by Kent County the frogs would be classified as dangerous animals, even though he said the amphibians are not poisonous when held in captivity. "I'd put one in my mouth or whatever. They're completely harmless," he said. Kent Co...

    More

    DOVER, Del. -- John Zalewski of Kent County says he'd like to keep poison dart frogs at his home near Milford, something he thinks would not be blocked by the state's permitting process for exotic animals. However, Zalewski claims he was told by Kent County the frogs would be classified as dangerous animals, even though he said the amphibians are not poisonous when held in captivity. "I'd put one in my mouth or whatever. They're completely harmless," he said. Kent Co...

    More
Powered by Frankly

All content © Copyright 2000 - 2017 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices