The United States House of Representatives passed a bill Friday that will extend the current interest rate of federally subsidized loans (3.4 percent) beyond when it was set to expire on July 1.
According to Associated Press reporting, congressional groups agreed to a deal earlier this week for a $6 billion chunk that will keep the rate from doubling to 6.8 percent.
“The current 3.4 percent interest rate on subsidized Stafford loans would balloon back to 6.8 percent on Sunday under a cost-saving maneuver contained in a 2007 law,” the report read.
This increase was opposed by students on Twitter and other social media through the #dontdoublemyrate hashtag.
Student loan debt will not double on July 1
June 28, 2012
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