Life Better Switch Your Major to Business
Got a student loan? Planning to get a student loan? First, the bad news:
Students across the nation will have to pay thousands more in college loans beginning Saturday, according to a series of reports released today by the research arm of the Campaign for America’s Future. College students and graduates will be pushed deeper into debt as interest rates on Stafford loans — the basic student loan — rise from 5.3 percent to 7.14 percent on old loans and to 6.8 percent on new loans at the end of this week.
Second, some more bad news:
Tuition at the average four-year public university has increased by 40 percent since 2001, and nearly two-thirds of all four-year college graduates now have student loans. Students and their parents are going further and further into debt, creating a burden that is often unsustainable. Student loan debt already causes 14 percent of young graduates to delay marriage; 30 percent to hold off on buying a car; 21 percent to postpone having children; and 38 percent to delay buying a home.
And finally, a little finger-pointing:
Campaign for America’s Future co-director Robert Borosage explained how Congress has carried out a raid on student aid through acts of commission and omission.
“The failure of the current administration and Congress to make college affordable for all qualified students is a disservice to the country,” said Borosage. “The Republican leadership has allowed interest rates on student loans to rise, increased the interest rate on loans that parents take out to help pay for their children’s education and refused to allow a vote on a bill that would cut interest rates in half on new loans.”