May 8, 2012 at 11:32 am in Duluth News Tribune
More than 7 million Americans, including 200,000 Minnesotans, depend on federally-subsidized Stafford student loans. With eligibility based on financial need, students can use the loans to help cover the costs of attending a four-year college or university, community college, or trade, career or technical school.
The current interest rate for the subsidized Stafford loan is 3.4 percent. This is the result of the College Cost Reduction and Access Act, which I voted for in 2007. But, without Congressional action by July 1, the interest rate will double to 6.8 percent.