Defaulting on student loan payments and falling into debt after graduating college is a fear that many students have in common. With the practices of Sallie Mae, a large federal student loan company, working against them, this fear may become more of a reality for some.
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Republicans in the Senate blocked the Democrats’ bill Tuesday that would prevent the interest rates of the Stafford Loan from doubling July 1. The interest rate that is currently 3.4 percent would double to 6.8 percent, a price that only adds to the thicket of debt students are fighting.
In an ailing economy many college students find themselves trying to fund their education with loans, and when they graduate they end up thousands of dollars in debt with no job offers.