Interest rate for student loans doubles
Congress revamped the federal student loan program in 2010, eliminating the federal subsidies and guarantees that used to go to private lenders in favor of government loans made directly to students.
He contends the federal government "should not be in the business of student loans to make a profit."
The Project on Student Debt is an initiative of the Institute for College Access & Success, described on its website as "a nonprofit independent research and policy organization dedicated to making college more available and affordable to people of all backgrounds."
Philip Armstrong, a 2013 graduate of Goffstown High School, is heading to Villanova in the fall to study civil and environmental engineering. He said he never used to understand how people could still be paying off their college debts in their 40s and 50s. "I thought it was absurd," he wrote in an email exchange with a reporter.
NHHEAF's Payne said New Hampshire's congressional delegation "did its part" to try to resolve the interest rate issue, but Congress couldn't reach an agreement in time. (See related story.)She said she understands that taxpayers have a financial interest in getting more money back from these federal loans. "But I think that those taxpayers interested in supporting our work force goals and our higher education goals, and those with children who are going to college and struggling to make those payments, may not be as happy."
"That sounds a little bit like bait and switch to me," he said. "Who doubles? Really, who doubles the rates?"
"So for the sake of our democracy, and for the sake of our economy ... we need to be putting more resources into making college more affordable and encouraging more students to make the choice to go on to higher education so that we're able to participate in the 21st-century economy."
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