Congress to Vote on Reducing Student Loans

1 decade 5 months 2 weeks ago January 12, 2007 Jan 12, 2007 Friday, January 12 2007 Friday, January 12, 2007 6:23:14 PM CST in News
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Specifically, the drop applies to federal subsidized Stafford loans for undergraduates.

An E-mail sent out by Missouri University Financial Advisor Mark Oleson announced the possible change in student loans.

"Last year, a law was passed that locked the rate on Stafford loans at 6.8 percent as of any loans that are taken out after July 1 of this year," said Oleson during an interview, "Obviously that's not real beneficial to students."

"I already have about $10,000 worth in loans that I am going to have to pay off," MU student Melody Ast explains. "I know that when I get out of college I am not going to be able to make as much as I would like, so if this bill passes it's going to help out a lot."

Oleson said that student involvement is important, and writing letters to the house may help push the bill along.

"It will be presented to congress hopefully shortly and then they will vote on it," he said.

If the plan is fully phased in, borrowers on a 10-year repayment plan would see their payments reduced by a total of 14 percent.

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