Congressman Peter Welch: Effort to Avert Scheduled Doubling of Student Loan Interest Rates
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With federally subsidized Stafford Student loan interest rates set to double on July 1st, Rep. Peter Welch announces efforts to block the increase.
The announcement comes as student loan debt is reaching a crisis point. According to the Federal Reserve Bank of New York, student loan debt has reached $870 billion. That number exceeds credit card and auto loan debt and is expected to continue rising.
Welch is joined by Cody Paiva, a UVM junior; Patrick Mangus, a recent graduate of CCV; Ben Truman, a parent of a student entering college; and Don Vickers, President and CEO of Vermont Student Assistance Corporation (VSAC), to discuss legislation he is pushing in the U.S House to avert the scheduled rate hike.