Student Loan Interest Rates Could Soon Spike

Interest rates for student loans are expected to double if Congress doesn’t act to keep them low.

U.S. Representative Joe Donnelly has called on Congress to act quickly so the more than 260,000 students in Indiana with loans can save an average of nearly $1,000 over the life of their loans.

Donnelly previously supported cutting student loan interest rates in half – lowering them from 6.8 percent to 3.4 percent in 2007. If Congress doesn’t act by June 30, these rates will increase back to their original rate.