Congressman Braley (D-IA) Sponsors Student Loan Bill
CEDAR RAPIDS, Iowa - Rep. Bruce Braley on Wednesday introduced legislation that would indefinitely keep the interest rate for federally subsidized student loans at the current level of 3.4 percent.
Braley, a Democrat representing Iowas First District said unless Congress takes action, student loan interest for subsidized Stafford loans will double to 6.8 percent on July 1, 2012. Under that increase, students taking out the maximum Stafford loan of $23,000 would pay an additional $11,000 in interest over the 20-year repayment period, Braley said in a statement. Iowa college graduates have the third-highest average student debt load in the nation, according to a recent national study.
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http://www.kcrg.com/news/local/Braley-Sponsors-Student-Loan-Bill-138070973.html
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I think I pay 8% on my student loan! ack!