SUNY students want certainty regarding college loan rates
By TIFFANY BROOKS
July 29, 2013
The State University of New York's Student Assembly believes a congressional plan regarding student loans leaves too much uncertainty for students.
"We are still disappointed that there is an uncertainty every year as we advocate for students to know upfront how much they are going to owe. We are also disappointed about how high rates can travel and the detrimental effect this will have on students of all income levels in the future," said Matthew Marrotta, senior director of external relations for the SUNY Student Assembly.
The plan, which would reverse a July 1 hike on Stafford student loan interest rates, was approved last Wednesday by the Senate in an 81-18 vote. The House is expected to go along with the measure this week.
Under the legislation, student loan interest rates would fall back from 6.8 percent to 3.86 percent for undergraduates, 5.4 for graduates, and 6.4 for PLUS loan borrowers over the life of the loan. This would tie loans to the market rates, however the bill caps undergraduate loans at 8.25 percent, graduate loans at 9.5 percent, and plus loans at 10.5 percent.
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http://www.legislativegazette.com/Articles-Top-Stories-c-2013-07-29-84547.113122-SUNY-students-want-certainty-regarding-college-loan-rates.html
