Student Loan Rates Increasing for College Students

U.S. Senator Richard Durbin will be back in the Quad Cities on Friday, May 9, 2014.

Friday, Senator Durbin will push for a bill that would allow 2014-2015 college students to pay federal loans at the 2013-2014 level. Student loans will be increasing for college students again during the 2014-2015 school year.

On Wednesday, May 7, 2014, the U.S. Treasury announced that the federal Stafford loan would go from about 3.9% to 4.7% in 2014-2015. That is about a one percent increase. The increased rates will not affect Americans who have already graduated. Congress approved the 3.9% level for college students in the summer of 2013.

Senator Durbin will be on the campus of Augustana College Friday. He’ll be joined by Augie President Steven Bahls.