Higher student loan interest rates have been demonstrated as causes that undermine the effectiveness of our financial markets. These rates are set to double July 1, if Congress fails to act.
Interest rates on Student Loans are set to double, which will negatively affect the future of our economy, not only due to short-term less spending of graduates, but also as undermining the economy due to only richer people being able to afford job training in the future.
Proponents of the high interest claim it should exist in the name of "government efficiency", and the ra currently does not even have a maximum cap for increases.
The rate for subsidized Federal Stafford loans is 3.4 percent, and is currently set to double to 6.8 percent on July 1st.
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