interest rates

10:52am

Tue April 17, 2012
Regional Coverage

Schumer defends lower student loan rates

Don Saleh, Vice President of Enrollment Management at SU
Durrie

Federal Stafford Loans allow students to defer student loan payments while attending school full-time. Although current interest rates hold at 3.4%, they are set to double on July 1st as a result of the expiration of the 2007 College Cost Reduction and Access Act.

Speaking on the steps of Syracuse University on Monday, Senator Schumer pledged to put his weight behind a bill to keep student loans at their current rate for another year.

"It is now a greater burden than almost any other lending burden around," Schumer said. "For the federal goverment to charge 6.8 percent at a time when interest rates are so low, is almost highway robbery."

Read more