News

Student loan rates double without Congress’ action

Student loan rates double without Congress’ action

WASHINGTON (AP) — Interest rates on some new federally backed loans for college students are now double what they were last week.

student-loan-chartSubsidized Stafford loan interest rates went to 6.8 percent on Monday because Congress didn’t strike a deal to keep them low. That translates to an extra $2,600 per student in costs. It affects roughly a quarter of all federal borrowers.

The effects aren’t immediate, though. That’s because most students sign their loan documents when they return to campus in the fall.

Lawmakers say they can return the interest rates to 3.4 percent when they return after the July 4 holiday.

The Republican-led House passed a bill before leaving town that linked student loan interest rates to the financial markets. The Democratic-led Senate, however, was unable to overcome a procedural hurdle.

Recent Headlines

in Sports

Thursday’s Sports Minute

grizzlies

Here's a look at some of the big sports stories making headlines today, Thursday, Dec. 18.

in Sports

Ray Rice investigation heating up

Former Baltimore Ravens NFL running back Ray Rice and his wife Janay arrive for a hearing at a New York City office building November 5, 2014.

Hundreds of NFL employees gave records to investigators looking into how Commissioner Roger Goodell handled evidence in the Ray Rice case.

in Lifestyle

We’re living 6 years longer

doctor

Fewer people are dying from cancer and heart disease in rich countries and there's a better survival rate in poor countries from tuberculosis and malaria.

in Sports

49ers release McDonald amid sex assault investigation

raymcdonald

San Francisco released defensive tackle Ray McDonald after he was named a suspect in a sexual assault case.

in Sports

Judge rebuffs NCAA concussion settlement

Football

A judge has halted a $75-million settlement that aimed to end a massive class-action lawsuit.