MIDDLETOWN, Conn. (WTNH)-- It could mean thousands of dollars more in interest for college graduates working to pay back their student loans. Rates are set to double if Congress doesn't act quickly and that has local students very concerned about their financial futures.
As if college life isn't stressful enough, papers to write, finals to take, and now campus life may be getting more expensive. If congress doesn't act, 7.5 million students could be paying an extra $5,000 for their ten year Stafford student loan.
"That rate which is today at 3.4 percent will double to 6.8 percent on July first," said Rep. Joe Courtney, (D) Connecticut.
"It really puts you in a real burden when choosing schools knowing that the interest rate is going to possibly double and that the tuition rates are pretty crazy," said Mitchell DeMazza, UConn graduate.
Mitchell DeMazza and several other students gathered at the capital with Congressman Joe Courtney who has put forth a discharge petition to force Congress to decide if the rates will double or stay the same.
Timothy Lim is the Associated Student Government president at UCONN's Greater Hartford Campus where he says many students go to save money.
"There will be a lot of us who will begin our lives stuck in a hole that may keep us from taking good jobs that we may be passionate about, from taking the risk of starting a new business, from buying our first homes, or from starting a family," said Lim.
While there is debate over exactly how much the government makes on the student loan program, all figures are in the billions and some say the money is needed to help lower the federal budget deficit.
"Balancing the federal budget on the backs of our young people. People who have not even fully entered the workforce is simply simply wrong," said Elsa Nunez, President of ECSU.
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