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

Interest Rates on Student Loans Double

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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.

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