Senators Introduce Plan to Fight Increase in Student Loan Interest Rate

Changes are coming to the way student loans are paid back. In 2012 about 60,000 higher education students used federal subsidized Stafford loans to help pay for their education, according to the state Higher Education Policy Commission. Beginning Monday, any student who signs up for the loans will face interest rates of 6.8 percent, which is double the current rate. The Charleston Gazette reports Senator Joe Manchin and five other senators are fighting the hike, and introduced a plan Thursday in Washington that would prevent the rates from doubling. The plan would impose a fixed-rate over the life of loans while keeping the cap on consolidated loans at 8.25 percent.