Students Sink Further In Debt As Congress Fails To Stop Loan Rate Increase
DETROIT (WWJ) – Now that Congress has failed to stop the student loan rate from going up…it is scheduled to double on Monday. For students like Wayne State Senior Anna Marie Sysling … it’s maddening … and scary.
“It’s terrifying because I have worked so hard, to get through school – now at this point I’m thinking I’m kind of a slave to these loans, and who knows when I’ll find a job so it’s definitely scary,” said Sysling.
“If they were a little bit more in touch or really realized the burden that so many young people in this country have with student loans maybe they would be more willing to work together constructively to try to do something for us,” she said.
Sysling said she will owe $50,000 when she graduates.
For students like Central Michigan University senior Rodney Harris… graduating with a mountain of debt …will put him well behind the competition:
“In other countries, when they graduate, they are free and clear and they can go get a job and start saving for a house, marriage or kids, families things like that. But,us, when we graduate we are in the hole already so not a good thing at the start,” said Harris.
Harris says he’ll be $25,000 in debt when he graduates next year.
It’s estimated that more than 40 percent of all college students have government loans and are in debt to the tune of 1.2 trillion dollars.
President Obama has been pressing Congress to cap rates or make them adjustable … and lawmakers are scheduled to resume debate after the July 4th recess.