President Obama made a big push in his first 100 days of office back in 2008 for Healthcare reform. But he left the group of individuals who desperately wanted him to lower interest rates on student loans in the dust. Today however, negotiations are underway to reform those interest rates for college students and graduates. According to reports, "The goal is to push legislation through Congress next week so the current 3.4 percent interest rate on subsidized Stafford loans can be preserved for another year. A 2007 law gradually reduced interest rates on the loans but required them to balloon back to 6.8 percent this July 1 in a cost-saving maneuver."
If the interests rates were upped it would significantly hurt several incoming college freshmen and outgoing college seniors. The President told reporters that there was "no excuse for inaction," adding that, "right now, we are seven days away from thousands of American workers having to walk off the job because Congress hasn't passed a transportation bill. We are eight days away from nearly seven and a half million students seeing their loan rates double because Congress hasn't acted to stop it. This makes no sense."
But will there be a deal? To read the entire article please go to the following link below:
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