Editorial: Congress must reverse doubling of student-loan interest rates
CONGRESS squandered a year of potential progress on student-loan interest rates. The result of its inaction was a sharp rise in rates on Monday.
Rates on federally subsidized Stafford loans jumped from 3.4 percent to 6.8 percent, essentially slapping a $1,000 tax hike on students, according to U.S. Sen. Patty Murray, D-Wash.
The average student-loan debt is around $25,000, which can include other types of loans.