There seems to be a slightly brighter light at the end of the tunnel for those of us with student loans. On Friday June twenty ninth, Congress approved legislation that will affect most student’s lives for the next year.
With a 74-19 vote from our Senate and a 373-52 vote from our House of Representatives (which make up Congress, keep up with me here), there will no longer be an increase in federal subsidized loan interest rates for the next year.
WOO-HOO! Instead of your college loan interests increasing to a jaw dropping 6.8%, your interests will stay at a 3.4%, which doesn’t seem so bad anymore. Not only will this law affect Syracuse University undergraduates but it will also help 7.4 million other students who have Stafford loans.
President Barack Obama estimated that this law would help over 6 million students save an average 1,000 dollars in the next year.
Although this law will only be affective for the next year, Congress has already begun brainstorming ways to help keep this rate as low as possible when the law expires.
So as our President is working his ass off in office to try and help save your money from being taken right out of your pocket, try not to go spend all of your money at Chuck’s this weekend or at flip night Wednesday.
Being informed about your student loans will help you save in the future. We don’t want a bunch of poor SU alumni. That wouldn’t make us look so good.