Students concerned about possible interest rate increase
GUILFORD COUNTY, N.C. — The current interest rate on a student loan is 3.4 percent. But if Congress doesn’t act before July 1, the rate will double to 6.8 percent.
“That rate sounds depressing,” said LaTasha Henry, a student who works at the computer lab at Guilford Technical Community College. “Upon graduation, you are not guaranteed a job.”
President Barack Obama discussed interest rates while he visited UNC-Chapel Hill on Tuesday. Obama is pushing to freeze the current interest rates.
An increase would add about $1,000 to the cost of a loan. At GTCC alone, 28 percent of students now use loans to pay for school.
At the same time, other sources like scholarships and grants are being cut back.Henry said an increase would make it more difficult for students to pay back a loan.