Are your Stafford loans rates going to double?

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	Class of 2016 Christopher Newport University   update
		Important federal student loan information On July 1, 2012, the interest rate on new subsidized Stafford loans for undergrads is set to double from 3.4% to 6.8%. According to the White House, such a rate increase would affect more than 7.4 million students. On average, each one could expect an additional $1,000 in debt over the life of their Stafford loan. Why now? The College Cost Reduction and Access Act of 2007, which slashed the interest rate of subsidized Stafford loans for undergrads from 6.8% to the current levels, came with the stipulation that rates on new loans would revert as of this July 1st. Is it really going to happen? If Congress doesn't come to an agreement on how to fund an extension of interest rate subsidies, then yes. Will it affect you? Maybe, but only if you get a new subsidized Stafford loan (undergrad only) after July 1, 2012. And only if Congress fails to extend the subsidy. No current loans will be affected. What's the political hang-up? Strangely, most Republicans and Democrats agree the rate shouldn't be increased. The political tangle is over how to pay for it. Some want to cut oil subsidies. Others want to cut money from Obama's health care plan. Stay tuned! Forward to a friend! If you've got an opinion on the potential interest rate hike, you can make your voice heard. Check out ContactingTheCongress for information on contacting your Congressional representatives. Find yours and get in touch. How much do you know about financial literacy? When 50% of American adults can't define "budget deficit," something is wrong. Arm yourself in the battle against your student debt Like us for tips, deals, and chances to #crushstudentdebt. Weekly poll If interest rates on Stafford loans doubled, would you still be able to afford school? Yes No If you do not receive a confirmation page after clicking submit, please click here. Results from last week Do you think textbooks are criminally overpriced? 99% said yes. 1% said no. Useful links FAFSA Coach Deals on textbooks Test prep comparison College cost calculators
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