WASHINGTON, May 8 – Sen. Bernie Sanders (I-Vt.) today said Congress must keep student loan interest rates from doubling this summer for 7.4 million students, including 19,000 in Vermont.
He said he regretted that Senate Republicans on a party-line vote refused to take up a plan to extend the current 3.4 percent interest rates on subsidized Stafford loans for low- and moderate-income students.
“This country’s young people are facing extraordinary challenges. They are paying three to four times as much as their parents did for a college education. In the worst economy since the Great Depression, there is no guarantee that they will be able to get a job after they graduate to pay off their student loans. The least we can do is keep interest rates from doubling,” Sanders said.
Unless Congress acts, the rates will double July 1.