It is crucial to prevent the student loans interest rates from increasing from the 3.4% to 6.8% rate. Doubling the interest rate will be detrimental to the 7 million students who depend of stafford subsidized loans to complete their college education. Currently, the average student loan debt is near $27,000 at the 3.4% rate students will pay close to $37,000 in total. With the new 6.8% that increases just over $52,000. The average salary of a college graduate is $44,259. The consequence of this increase means the average student, because of interest, does not make enough income annually to cover the costs of student loans.
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