Lawmakers back to work on student loan rate increase

KDBC
Monday, July 8, 2013 - 11:40pm

Lawmakers are back at work hoping to come to an agreement in the student loan interest rate battle.

The rate doubled on July 1st to 6.8 percent with an estimated 7 million students expected to take up loans this year.

"It's a very serious thing and they're going to be paying loans for longer periods of time," said New Mexico State University graduate student Damon Day.

Democrats and Republicans have been at odds on the issue blaming each other for not being able to come to a resolution.

Day said congress needs to fix the problem or it will negatively impact graduates down the road.

"It's going to affect their lifestyle and their family's lifestyle," Day said of when graduates have to begin making loan payments.

He added congress should put bi-partisan issues aside and help those that are being affected the most.

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