As students across the country struggle with rising college costs and a looming deadline to prevent a student loan rate hike is just two months away, U.S. Senator Jack Reed (D-RI) will join Roger Williams University faculty and students to call for action and outline new solutions to the student debt crisis.
The current fixed interest rate on need-based Stafford federal subsidized loans is 3.4 percent, but that rate will double to 6.8 percent on July 1, 2013, unless Congress takes action. That jump could mean an increase of thousands of dollars over a 10-year repayment period for borrowers who rely most on federal student loans. However, Congress is not expected to begin consideration of the reauthorization of the Higher Education Act, the primary law governing federal investment in higher education, until after the “doubling” deadline.
Event open to all students, faculty and staff on campus.