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>>

  • Delaware State University to Build New Residence Hall

    DSU to Build New Residence Hall

    09/22/2017 14:59:00 -04:002017-09-22 18:59:00 GMT
    Tuesday, September 26 2017 7:55 AM EDT2017-09-26 11:55:50 GMT
    Delaware State University. (Skycam 16)Delaware State University. (Skycam 16)
    Delaware State University announced Friday that in order to deal with a rapidly growing residential enrollment, the school plans to build a new 200,000-square-foot residence hall, to open in the fall of 2019.More
    Delaware State University announced Friday that in order to deal with a rapidly growing residential enrollment, the school plans to build a new 200,000-square-foot residence hall, to open in the fall of 2019.More
  • Carney Launches Eco-Tour to Spur Outdoor Activity

    Carney Launches Eco-Tour to Spur Outdoor Activity

    09/26/2017 07:26:00 -04:002017-09-26 11:26:00 GMT
    Tuesday, September 26 2017 7:51 AM EDT2017-09-26 11:51:50 GMT
    Delaware Gov. John CarneyDelaware Gov. John Carney

    Gov. John Carney is urging Delawareans to get outside and enjoy the great outdoors.

    More

    Gov. John Carney is urging Delawareans to get outside and enjoy the great outdoors.

    More
  • New Rehoboth City Hall Now Open

    New Rehoboth City Hall Now Open

    09/25/2017 16:33:00 -04:002017-09-25 20:33:00 GMT
    Tuesday, September 26 2017 7:51 AM EDT2017-09-26 11:51:19 GMT
    After delays and change orders, the City of Rehoboth Beach's new city hall is now open for business. The building also houses the convention center, police department, Alderman Court, and a 911 center.More
    After delays and change orders, the City of Rehoboth Beach's new city hall is now open for business. The building also houses the convention center, police department, Alderman Court, and a 911 center.More
  • Most Popular VideosMost Popular VideosMore>>

  • Murder Investigation Underway in Somerset County

    Murder Investigation Underway in Somerset County

    Maryland State Police are investigating an apparent homicide that occurred this afternoon in Princess Anne. The victim is a male believed to be in his thirties, although troopers are still working to identify him. Anyone with more information is being asked to call Maryland State Police.

    More

    Maryland State Police are investigating an apparent homicide that occurred this afternoon in Princess Anne. The victim is a male believed to be in his thirties, although troopers are still working to identify him. Anyone with more information is being asked to call Maryland State Police.

    More
  • Dover Business Owners Sound Off During Downtown Tour

    Dover Business Owners Sound Off During Downtown Tour

    Dover business owners on Monday gave their thoughts on conditions in the downtown area during a tour by city officials and members of the Downtown Dover Partnership.

    The Monday morning tour was aimed at getting feedback from local business owners and operators about the positives and negatives of having stores along places like Loockerman Street in the heart of Central Dover.

    More

    Dover business owners on Monday gave their thoughts on conditions in the downtown area during a tour by city officials and members of the Downtown Dover Partnership.

    The Monday morning tour was aimed at getting feedback from local business owners and operators about the positives and negatives of having stores along places like Loockerman Street in the heart of Central Dover.

    More
  • Golden Retriever Show Attracts Thousands to Salisbury

    Golden Retriever Show Attracts Thousands to Salisbury

    The 2017 Golden Retriever Club of America National Specialty is coming to Salisbury. The events will take at the Wicomico Civic Center as well as the Crown Sports Center in Fruitland.

    More

    The 2017 Golden Retriever Club of America National Specialty is coming to Salisbury. The events will take at the Wicomico Civic Center as well as the Crown Sports Center in Fruitland.

    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