The interest rate on new subsidized Stafford loans doubled Monday to 6.8 percent. The rate hike is expected to impact seven million students who need the loans for the coming school year. It's unclear if lawmakers will take action after the July 4th recess to cut the interest rate.
Congressman Beto O'Rourke responded to the loan increase. On his Facebook he wrote, “This is a crisis that we can fix. I have co-sponsored legislation to maintain the current 3.4% rate for two more years and last week I signed a discharge petition to try and force a vote on this bill. I am open to other ideas as well. I think we can reach a compromise and pass something that can be signed into law and can keep college within reach.”