Congress has just a week left to address student loan interest rates for those taking out new subsidized Stafford loans.
I'm almost $60,000 in debt, which will affect my ability to get a mortgage, my ability to have children and put them through a good education, it'll also affect which kind of job I take.
Columbia student Rachel Boehr started out studying drama but skyrocketing tuition costs forced her to drop out.
Now at age 30, she's only just finished her undergraduate degree
We're asking too much of our college students and we're narrowing and narrowing the field of who can be a college student in the country.
American college grads carry a staggering student loan debt in excess of $1 trillion dollars.
As tuition costs continue to soar, rising interest rates could soon become the next headache facing new grads. The interest rate for need-based or stafford loans, is now fixed at 3.4%.
If Congress does not act to extend that rate by July 1, it is scheduled to double.
I definitely think that doubling the rate to 6.8% would definitely increase default rates because these loans are really for low income students
While some lawmakers want to keep rates at the lower 3.4% for at least the next two years, others say student loan interest rates should be allowed to fluctuate according to market forces.
I think there's gonna be some kind of compromise. Some kind of adjustment. I don't know if they're gonna go to a variable rate loan. My guess is they might just kick the can down the road and say we'll just do this for one year and we'll revisit it another year later.
If rates do increase, the bad news for students could become a revenue booster for government -- the higher interest rate would generate $36 billion in revenue this year as Congress scrambles for new sources of cash.
But higher rates could cost students as much as $5000 more in loan repayment charges over a 10-year period.
The President and Mrs. Obama just finished paying off their student loans and i think that the fact that they were 40 years old and they still were paying off student loan debts is really scary we could even be 50, 60 years old without having paid off our student loans.
Politicians have to look beyond their own self-interest and we need to keep the future of our country and the world in perspective, you know? Because college students like myself and my peers are counting on them.