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College Students Looking For A Break On Loan Interest Rates

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DETROIT (WWJ) – The House is ignoring a veto threat from the President and approves a bill keeping federal student loan interest rates from doubling.

The White House is threatening to veto the Republican bill  because of how it would be paid for. The cash comes from a health fund created under the health care overhaul eliminating a preventive health care fund in the health care law.

Democrats want to pay for the measure by boosting payroll taxes of some private firms.

WWJ’s Sandra McNeill reports that a number of students will be affected by the increase in student loan interest rates.

Oakland Community College student Eagan Warner a computer engineering major says he had no idea that loan interest rates are going up.

“I thought that we had signed some type of agreement, when we signed up originally, for it to stay at a certain amount. It wasn’t going to be like when you go with a bank where they can do whatever they want. So this is going to … hurt a little bit when I get done with school,” said Warner.

Student Celeste Broock says tuition is already too much of a burden on young adults, who are only trying to better themselves.

Dominique Stewart of Novi is applying for the nursing program at Oakland Community College.

She was shocked to learn the interest rate could double.

“I’m already paying off student loans right now, with another school that I went to, I’ve just made my first payment, and it’s hurting me a little bit – so just to have that (interest rate) increase it’s going to affect my family a lot,” said Stewart.

Sharon Winters of Farmington Hills says if student loan interest rates are doubled- she’ll have to make adjustments in her lifestyle:

“It’s a big burden right now, because I have quite a few student loans, and then my son has student loans – that I have to take care of also. So that’s going to be a big shock,” said Winters.

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