Students, Your Interest Rates Are Safe... For Now
Back in April, theVoice
on the impending student loan crisis that would have to be solved before July 1st - the day when the interest rates on 7 million students' federal loans would double to 6.8%. With the SCOTUS decision overwhelming the media and the contempt vote for Attorney General Eric Holder overwhelming Congress, the issue was more or less ignored and, just yesterday, Nick Pintoreported
on the bleakness of the whole situation.
As much as we love floods and transportation, our main concern is the first part of the bill concerning the student interest rates. The cost of extending the rate for another year came out to around $6 billion so, to make up the difference, Republicans and Democrats agreed to cut some provisions that protect students from harms' way. That included the time it takes some students to receive a federal subsidy and a few revisions to the workers' pensions. But, hey, the money has to come from somewhere... right?
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