Behind The Mic With Joe Mathieu: Congress Doubles College Loan Rates

July 1, 2013 11:00 AM
Behind The Mic With Joe Mathieu: Congress Doubles College Loan Rates
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" BOSTON (CBS) – Okay let’s start with a little background, because there are a few things we know for sure when it comes to this story.

College tuition keeps rising. So much that graduates are saddled with more debt than ever – an average of about $27,000 for about two-thirds of grads, according to the Project on Student Debt.

We also know that American students have struggled to keep-up with their counterparts in other nations, like China, when it comes to education prompting any number of public programs aimed at making us more competitive.

And now Congress, made up of many lawmakers who got where they were because of student loans, drops the ball.

They couldn’t come to terms on something as simple as this.

And as of midnight, rates on new federally subsidized Stafford loans officially doubled to 6.8 percent, costing students an additional $2,600 on average "

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