Updated 04/11/2012 03:17 PM
Bill Could Block Interest Rate Hike for College Students
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Senator Charles Schumer is supporting legislation to maintain student loan interest rates.
Interest rates for federally-subsidized Stafford Loans are set to double from 3.4 percent to 6.8 percent on July 1st.
Senator Schumer spoke at a news conference at RIT to support legislation that will prevent the raise in cost of attending college for thousands of Rochester-area students.
"My message to Senators and Congressmen, Democrats and Republicans – this is not a place for partisan division. We need to come together and pass this proposal now so these kids don't have to pay much more than they should, interests much higher than they should," said Schumer, (D).
The rate increase would apply to loans started after July 1st, and would not affect loans that are currently in repayment.