Brown advocates freezing student loan interest rates

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Brown advocates freezing student loan interest rates

The Circleville Herald – Ohio Senator Sherrod Brown (D) expressed his commitment Thursday to passing an act which would keep interest rates on Stafford student loans set at 3.4 percent for another year.

If this act does not pass, Stafford loan interest rates are set to double on July 1, which would mean another $1,000 minimum increase in loan payments per year for borrowers.

“If allowed to happen, this rate increase would affect more than 380,000 young people in Ohio alone,” said Brown. “Earlier this week a new report was released stating that one half of college graduates are unemployed or underemployed in jobs that don’t use their skills to the best of their abilities. This rate increase would be a punch in the gut to so many people.”

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