Congress was unable to find a compromise on the issue, meaning 70,000 Connecticut students will see their loan costs skyrocket this year.
College just got more expensive for thousands of Connecticut students.
At a time when college costs are increasing to unprecedented levels, student loan rates this week doubled. The increase could hike the college debt of some 70,000 students in Connecticut.
While the state's congressional delegation continues to push for a bill to stop the increase, Congress was unable to reach a compromise on such a plan and student loan rates as of this week jumped from 3.4 percent to 6.8 percent.
For students who take out loans to pay for college, the doubling of the loan rates will add an average of $2,600 to their college costs,
according to a report on the Huffington Post.
Abe Scarr, director of the Connecticut Public Interest Research Group, told the website CT Watchdog that Congress' failure to keep student loan rates stable is contributing to "burying" college students in debt.
"Student loans should make college more affordable so that students can be better prepared for the future," Scarr said. "But instead the federal loan program is burying them in debt. With the doubling of the interest rate, Congress is pushing student borrowers to their limit."
