U.S. Senator Kay Hagan Aims to Curtail Increasing Student Loan Interest Rates

Stafford loans are need based for borrowers, but with college costs on the rise, the increase cannot be afforded by many middle class families.

On July 1 subsidized  student loans rose from 3.4% to 6.8& doubling after congress failed to act according to Sen. Hagan.

A bi-partisan solution is expected to be voted on this week to keep the rates low over the next few years. In 2013 the rate would be 3.86% for undergraduate students.

Sen. Hagan explained how capping the interest rate at 8.25% so that students do have some certainty is a major priority for her, giving students certainty for the next five years. 

Brook Hougesen, Press  Secretary, National Republican Senatorial Committee (NRSC) made the following rebuttal against Sen. Hagan:

"Kay Hagan is one of a few people directly responsible for the student loan rate increase and is part of the problem in Washington rather than the solution.  Instead of working to forge a bipartisan compromise to help already struggling students, Kay Hagan instead demanded passage of her own legislation which was so liberal and extreme that even Barack Obama opposed it. Hagan's latest flip-flop doesn't mask the failure of her own legislation and actually reinforces just how ineffective she actually.  Instead of acting as the ‘independent voice’ that she promised North Carolinians she'd be, Hagan used students as political pawns in her reelection bid."