WASHINGTON (WAVY/AP) - Student leaders from Virginia schools are specifically asking two congressmen to stop the student loan rate from going up.
Terrell Kingwood, a Senior at Old Dominion University joined James Lewis with the Virginia Young Democrats as well as others from George Mason University on a conference call explaining why they want Congressman Scott Rigell and Congressmen Frank Wolf to act.
Student loan rates are set to double on July 1, with rates going from 3.4 percent to 6.8 percent.
In May, Rigell voted to support the Smarter Solutions for Students Act , which moves all new student loans to a market-based interest rate. Wolf did not vote.
Using Congressional Budget Office projections, the GOP plan would translate to a five percent interest rate on Stafford loans in 2014, but the rate would climb to 7.7 percent for loans in 2023.
Stafford loan rates would be capped at 8.5 percent, while loans for parents and graduate students would have a 10.5 percent ceiling under the GOP plan.
"Hampton area students like myself are struggling with debts and loans because our Congressman, Scott Rigell, voted to make students pay more," Kingwood said. "Now the clock is ticking. Hampton area students want our Congressman to make education affordable and accessible and fix the problem of skyrocketing student debt."
Leaders in both parties say they want to dodge the increase. But neither party's budget proposal in Congress has money specifically set aside to keep student loans at their current rate.
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