Senator Working to Lower Student Loan Rates

By: News 10
By: News 10

"If that doesn't happen we're going to see the federal government making $51 billion off of our students."

Your student loan is going to cost you more starting next year.

The interest rate on new subsidized Stafford Loans doubled today to 6.8%.

It is going to affect about 7 million students getting loans for next year.

Senator Debbie Stabenow told us today she is working to change that.

"I'm leading an effort to go back on July 10th to have another vote to bring them back down. and it'd be retroactive to today. If that doesn't happen were gonna see the federal government making 51 billion dollars off of our students."

We will be following this story and will let you know if senators do change the legislation.

The higher rates only apply to new loans.

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