APLU President Peter McPherson released a statement calling the Congressional deal to avert the doubling of student loan interest rates from 3.4 percent to 6.8 percent on July 1 "troubling" and "frustrating."
and the White House have known for a year that rates would double unless they
worked out a deal by July 1. So it is frustrating that we are in this
situation now. Hope is not lost though. While rates on new,
subsidized Stafford student loans will now rise to 6.8 percent, most students
will not take out loans for the upcoming school year until August or
Earlier in the day, McPherson appeared on National Public Radio to discuss the politics surrounding the student loan debate in Washington each year.
It "shouldn't be a political
football every year or every couple of years. We need some way to
stabilize this process in a way that maintains relatively low interest
rates but also has stability," he said.
Last week, McPherson said in a video there's still time for Congress
and the administration to stop the rate hike from affecting millions of
students this fall.
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