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Students ask lawmakers to halt loan-interest hike

Without action, rates double to 6.8% in July

By Kimberly Hefling

 |  Associated Press  

  March 14, 2012

Millions of college students could be in for a shock this summer when the interest rate on a popular federally subsidized student loan doubles unless Congress acts. College students on Tuesday delivered more than 130,000 letters to congressional leaders asking them to stop rates from increasing from 3.4 to 6.8 percent. The rate hike affects new subsidized Stafford loans, which are issued to low and middle income undergraduates. They hope to raise enough awareness to get Congress to stop it.

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