More than 382,000 Ohio students would be forced to pay significantly more in college-loan costs unless Congress acts to block the interest rate from doubling on federally-subsidized Stafford loans by July 1, Sen. Sherrod Brown said today.
Brown, an Ohio Democrat, joined students from Ohio State University, where 26,281 students have subsidized Stafford loans, to advocate for a bill that he helped co-author to maintain the current 3.4 percent interest rates. The rate would revert to 6.8 percent if Congress doesn't act in the next few months.
Such loans, which benefit undergraduates, would add another $1,000 in debt for the average student, according to the White House.
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