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Diatribe: Student Loan Rates Could Double Today.


student_loans,_titled_mediumLike many students before me and many more after, I changed my college major before graduation.  Then, after a couple semesters geared toward my new field of study, I changed my mind again and ended up with the degree that I had originally pursued.  By the time I graduated, I had also accumulated quite a bit of student loan debt.

Starting today, students preparing to take on subsidized government loans could see their interest rates double from current levels to 6.8%.  Senate Democratic leaders are working hard on a bill that would extend the current 3.4% rates for another year.  As many as seven million college students are expected to borrow money for college tuition using these loans.

Most students are being told to prepare for the worst and hope for the best.

“We’re advising our schools to tell students that their subsidized Stafford interest rates are going to be 6.8% on July 1.” – Justin Draeger, president of the National Association of Student Financial Aid Administrators.

Students are still frustrated and concerned.

“I find it really frustrating that nothing is even being brought up, since Congress is now in recess.  It feels like they’re just ignoring student needs right now.” – Rachel McGovern, who will be a senior at University of Florida this fall and will be taking out $5,500 in subsidized federal loans.

The loans that I accumulated during my college years were long ago paid in full.  While it, at one time, seemed like I’d be making payments forever, I was able to fulfill my obligations ahead of schedule.  My education is paid in full.

Do you, did you, or will you, have student loan debt?


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From → Diatribes

  1. thedogs'mother permalink

    Youngest son’s tuition has doubled in four years from $3k a semester to $6k a semester.


    • It’s sad, really …

      When I was a college student, earning a Bachelor’s Degree was a big deal. Nowadays, it seems like everyone has one and now they’re going on for Master’s Degrees which adds considerably to the overall expense.

      My advice to today’s high school seniors is 1) Get a job and 2) go to school on a pay-as-you-go program while continuing to work. Using this method, it will take longer to graduate but, when they do, they’ll have a resume that shows their work ethic and no student loan debt.

      Best of luck to your son! And thanks for reading!


  2. Unfortunately my parents could not afford to send me to university, so I went to university at night school, as I could afford to pay. I was only able to do 7 courses towards by B.A. before pregnancy & marriage interfered. My first hubby did not support me finishing my degree & our marriage was too fragile for me to push it at the time.


  3. Who needs an edukashun? You certainly don’t need one to be in Congress.


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