Local

Student Loan Relief? Rates Could Roll-Back
Student Loan Relief? Rates Could Roll-Back

US Senator Dick Durbin says he is hopeful Congress can reverse the recent jump in interest rates on student loans.  The rate doubled to 6.8-percent at the beginning of the month as the previous program was allowed to expire.

“Students are facing a lot of debt, families too putting their kids through school and if we can reduce the rate by a full 3-percent and put a cap on future interest rates they might be charged it may give families it might give families and students a lot more confidence in pursuing higher education” says Durbin.

Even though the rate hike only applies to new student loans and not current loans,  Durbin says a compromise bill is needed and that bill could be heading for a vote soon.