To earn more, you must learn more. These words of Marie are being applied in totally opposite direction. To learn more, you must pay more. Yes, if you are intending to get education, you have to pay more. Recently, the government of United States has gravely augmented the interest rate on the students’ loan.
It is said that students have to pay more interest rate for taking loans from the government. Undergraduates will likely to pay 4.66% while interest rate for graduate school loans would be 6.21% in the fall of this year. Economists hold the opinion that the rise of the interest rate would not affect senior students of the college.
Furthermore, they opine that those students- who have recently joined the college- will likely to be hurt more. Inevitably, in the past few years, the interest rate of the student’s loan has skyrocketed. Experts claims that the interest rate will soar more in the few years.
Senior vice president at Edvisors Network (that provides counseling service to students) Mark Kantrowitz said that “interest rates are speedily rising and they will continue to soar”. The analysis is based on April estimates by the Congressional Budget Office.
Last but not the least, the rapid rising of interest rate is really alarming for the students. It is said that there are millions of Americans who do not have jobs. Unemployment coupled with Student loan debt is going to create more problems for the educated class of the country.