Durbin Talks Student Loans



Sen. Dick Durbin says Congress must act to stop interest rates on some student loans from doubling.
 
The rate hike is scheduled to occur July 1 on federally subsidized Stafford loans. Durbin says that could mean more than 365,000 Illinois students would have to pay almost $1,000 more in interest over the life of their loan.
 
The interest rate is set to double from 3.4 percent to 6.8 percent.
 
Durbin supports a Senate proposal to keep the interest rate level for two years while Congress works on a long-term plan for the federal student loan program. That legislation stalled last week after a Republican filibuster.
 
A Republican proposal also failed.
 
The Illinois Democrat says lawmakers must ensure education is affordable for students from working and middle-income families.

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Topics : Business_FinanceEducationPolitics
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Locations : Illinois
People : Dick Durbin
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