Senator Jeanne Shaheen and New Hampshire Community College Chancellor Ross Gittell are calling on Congress to hold down interest rates on school loans. The rates are scheduled to double for new federal subsidized Stafford loans on July first.
Members of Congress have agreed to work on this issue, but cannot agree on how to fund the $5.9 billion needed to maintain the lower rate for another year.
Shaheen says reaching a deal is important to the state’s economic future.
This is critical for families in New Hampshire, for the students who are affected, and it’s critical really to our future workforce and our global competiveness.
New Hampshire has the highest average student debt in the country at more than $31,000 per student.
Gittell says economic stress is already taking its toll on New Hampshire community college students
Last year the number of students enrolled at our programs stayed the same, but the credits taken declined per students and that was because of the cost of education and the economic situation makes it very difficult for students to take the amount of credits they need to and want to.
The rates will rise from 3.4 to 6.8 percent July first unless Congress reaches a solution.