Federal student loan debt tops $1 trillion

Federal student loan debt has topped $1 trillion, the Consumer Financial Protection Bureau will announce Wednesday, a milestone that will only intensify the debate in Congress over what to do about student loan interest rates.
The interest rate on new, federally subsidized Stafford loans doubled on July 1 to 6.8 percent thanks to congressional inaction, and the two parties haven’t been able to agree to a solution to lower the rate.

Wednesday, July 17, 2013 - 12:57pm