After deadlines have come and went, Senate has created a compromise for student loan interest rates. With a 81-18 vote, many Democrats still don’t agree with the decision. A subject passionate to me, I would have to agree with those Democrats. Hit the jump for details.
Don’t forget to check out the gallery! Senate is good, the don’t have any student loan worries!
“Students — all students — will end up paying far higher interest rates on their loans than they do right now,” says Sen. Elizabeth Warren, D-Mass. As of July 1, the student loan interest rates had doubled, but now a decision has been made as to what rates shall be, and remain. The proposal states that interest rates will be fixed based on the respective market rates. While, the 3.86% rate is ‘stuck-in’ for next year, it still can rise as high as 10.5% due to any market increases. So, you just won’t know until you get your bill in the mail. Sick of this government. They make it so easy to obtain the loans, but extermely difficult to pay back. TSK TSK! “It locks in low rates next year, and it doesn’t overcharge students to pay down the deficit,” President Obama states.
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