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Student loan rates

Posted: July 16, 2013 2:00 a.m.
Updated: July 16, 2013 2:00 a.m.

I recently read an interesting article in The Signal by Mr. Tom Purcell ("Getting educated in debt," July 8).


The article discussed the soaring costs of college tuition and the corresponding rise in student loans.


Today, Congress seems ready to return to a prolonged, unnecessary debate that may exacerbate America’s already disturbing student loan problem.


On Monday, Congress allowed federal student loan rates to rise by 3.4 percent for students taking out loans in the coming months, doubling the current rate.


The debate continues as Congress considers retroactively lowering loan rates, with Senate Democrats and House Republicans in disagreement on this important issue.


The rise by 3.4 percent seems insignificant, but it translates into a significant debt problem for students. CNN reported last October that, on average, students borrow over $26,000 to pay for college.


It also noted that four-fifths of America’s total student loan debt is in the form of federal student loans.


Every student in the United States should be able to pursue a college education, and financial status should not inhibit that ability.


I hope Congress will act in the coming days to address the recent and worrying rise in federal student loan rates.



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