In June, high school seniors across Massachusetts will pull on their graduation robes and take pictures with proud parents, celebrating the end of high school and looking forward to a new beginning in college. But on July 1, they will get an unpleasant graduation gift from the federal government: the interest rate on new subsidized student loans will double from 3.4 to 6.8 percent.
These students and their families have worked hard, saved what they could, and borrowed what they need to pay for higher education. Rather than reward their efforts, the government plans to add to their burden. Students are already drowning in debt. With $1 trillion in outstanding student loans and many borrowers struggling to stay afloat, we cannot afford to let this happen.