Higher Ed

Higher education advocates released new data today showing that an anticipated increase in the student loan interest rate would cost Texas students $400 million per year. The increase would affect federally subsidized Stafford loans, which are provided to almost 7.5 million low and moderate-income students nationwide each year. If Congress does nothing, then beginning on July 1st, the interest rate will double from 3.4% to 6.8% on new student loans.

Today, TexPIRG, the Young Invincibles, the Center for American Progress, and Campus Progress released a joint report on the looming threat of a major hike in the federal student loan interest rate. If Congress fails to act by July 1, the interest rate for Direct Subsidized Stafford Loan will double, rising to 6.8 percent. 7.4 million American students will see the interest rates on their student loans double, effectively raising the average cost of college by over $1,000 for millions of students and their families.

Statement of TexPIRG Advocate Melissa Cubria on the U.S. Senate’s 79 – 16 vote to pass the Fiscal Year 2011 Consolidated Appropriations Act, with a crucial amendment to fully fund the Pell Grant program.

Statement from  Christine Lindstrom, Higher Education Program Director, Texas Public Interest Research Group

New In The Public Interest column on Monday in The Huffington Post from Andrew Merki, a senior at Indiana University-Bloomington and the chair of Indiana Public Interest Research Group.