In response to:

Student loan rates double without Congress' action

wdwrkr Wrote: Jul 02, 2013 9:43 AM
Get the Federal gummint out of the student loan business! The subsidies just distort college costs and drive up tuitions. Oh, by the way, it's not unusual for college Prez's to get $million salaries. These outrageous salaries are indirectly paid by the tax payers through student loan subsidies.

WASHINGTON (AP) — College students' interest rates are at the mercy of Congress.

The interest rates on subsidized Stafford loans doubled from 3.4 percent Monday and could stay doubled unless Congress fulfills its pledge to restore lower rates when it returns from the Fourth of July holiday.

Lawmakers from both parties, as well as the White House, vowed to lower that rate before students started signing loan documents this fall. But the rate now stands at 6.8 percent — higher than most loans available from private lenders.

"In the grand scheme of all the loans that I already have, I suppose it's not out...