Student Loan Hikes Impact QCA Students - News and Weather For The Quad Cities -

Student Loan Hikes Impact QCA Students

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Starting today, interest rates are doubling on federally subsidized stafford loans for college students thousands of students are impacted in the QCA.

Federal student loans will go from 3.4 percent to 6.8 making it even more difficult for students, like many at Augustana College to pay for higher education.

Starting today, interest rates are due to double on federally subsidized stafford loans for college students. That increase was set to take place this time last year, however, Congress passed a last minute extension.

Many had hoped Congress would strike yet another deal to avoid the high cost to students heading off to college this fall. When President Obama warned of the deadline in May, he called for a fixed rate so, he said, families could make long term plans.

The Vice President at Augustana tells us almost all of the students need financial assistance.

"We're concerned for our families," Kent Barnds, Augstana Vice President said. "This creates some uncertainty in their path forward. Our incoming class is about 650 students. Nearly all of them will be impacted by this doubling of the interest rate on the federal stafford loan."

Ninety-six percent, so 2,400 students out of the 2,500 that attend here need financial help.

 

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