Senator Sherrod Brown against spike in student loan interest rate

WFMJ.com

YOUNGSTOWN, Ohio - In less than three weeks, the interest rate for student loans is set to double and U.S. Senator Sherrod Brown is urging Congress to block the increase.

"This would be the proverbial cutting your nose off to spite your face," said Youngstown State University student Carey Dabney.

Dabney is just one of 10,000 YSU students who could soon be paying more for college.

Interest rates on federally subsidized Stafford Loans are set to double, increasing from 3.4% to 6.8% at the beginning of next month. Congress has until July 1st to pass legislation blocking the change.

The increase could mean an additional $1,000 students pay each year in interest over the life of their loan.

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