Student loan interest rates to double if no Congress deal - Dallas News | myFOXdfw.com

Student loan interest rates to double if no Congress deal

Posted: Updated:
NEW YORK (MYFOXNY) -

Student loan interest rates are set to double if Congress doesn't reach a deal by July 1st.

Congresswoman Carolyn Maloney (D-NY), Congressman Charles Rangel (D-NY) and Congressman Gregory Meeks (D-NY) held a press conference with students and members of higher education advocacy groups by Hunter College Saturday. They were there to demand that Congress act immediately to prevent the doubling of student loan interest rates.

Students are currently paying 3.4 percent interest on federally subsidized student loans but on Monday, July 1st, the rate will increase to 6.8 percent.

Maloney says students could end up paying and extra $4,500 and instead of preventing a high increase per student, Congress has decided to go on holiday for the Fourth of July.

"For many who are already struggling, this additional cost will mean that the dream of a better life for themselves or their children must be deferred or denied. I am urging my colleagues, on both sides of the aisle, to go back to D.C. to prevent saddling these young students with even more debt," said Congresswoman Maloney.

Maloney is urging both parties to pass bi-partisan legislation that would delay an increase for the next few years.

"In order to sustain America's strength and prosperity in the 21st century, we must make affordable higher education a national priority. Anyone who aspires to advance their education should have the opportunity to do so -- without incurring debilitating amounts of student debt," said Congressman Rangel.

  • New York State NewsNew York State NewsMore>>

  • Terror threats at chemical plants underestimated

    Terror threats at chemical plants underestimated

    Wednesday, July 30 2014 9:08 AM EDT2014-07-30 13:08:58 GMT
    Congressional investigators say the government is underestimating the threat of a chemical attack on America's densely populated cities and has failed to inspect virtually all of the chemical facilities that it...
    Congressional investigators say the government is underestimating the threat of a chemical attack on America's densely populated cities and has failed to inspect virtually all of the chemical facilities that it...
  • Police: 10 arrested in North Country heroin bust

    Police: 10 arrested in North Country heroin bust

    Authorities say they've arrested 10 people accused of selling and possessing heroin and other drugs in northern New York.
    Village of Malone police, state troopers and members of the Franklin County border narcotics task force conducted raids Monday night and Tuesday. Officials say the suspects had been selling narcotics in communities near the Canadian border in northern Franklin County.
    Authorities say they've arrested 10 people accused of selling and possessing heroin and other drugs in northern New York.
    Village of Malone police, state troopers and members of the Franklin County border narcotics task force conducted raids Monday night and Tuesday. Officials say the suspects had been selling narcotics in communities near the Canadian border in northern Franklin County.
  • Police: Man drives off NY bridge, dies

    Police: Man drives off NY bridge, dies

    Wednesday, July 30 2014 6:10 AM EDT2014-07-30 10:10:33 GMT
    New York State NewsNew York State News
    Police in Westchester County are investigating whether a man who died was drag racing when he drove off a bridge. They say the victim was driving northbound on the Saw Mill River Parkway when he exited and drove off the Ashford Avenue Bridge in Dobbs Ferry around 12:30 a.m. Wednesday. The man was alone in the car.
    Police in Westchester County are investigating whether a man who died was drag racing when he drove off a bridge. They say the victim was driving northbound on the Saw Mill River Parkway when he exited and drove off the Ashford Avenue Bridge in Dobbs Ferry around 12:30 a.m. Wednesday. The man was alone in the car.

Powered by WorldNow

KDFW FOX 4
400 N. Griffin Street
Dallas, Texas 75202

Main Station Directory:
(214) 720-4444
News Fax:
(214) 720-3263 or (214) 720-3333

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices