Education

With talk about student loan interest rates, see average debt loads for students at Kentucky public, private colleges

President Barack Obama and Republican opponent Mitch Romney agree that Congress should freezing the current interest rates on a popular federal loan for poorer and middle-class students, the Associated Press reports. The issue is looming because the rate will double from 3.4 percent to 6.8 percent on July 1 without intervention by Congress, an expiration date chosen in 2007 when a Democratic Congress voted to chop the rate in half.

The student loan rate freeze Obama and Romney are championing amounts to a one-year, election-year fix at a cost of roughly $6 billion. Congress seems headed that way. Members of both parties are assessing ways to cover the costs and win the votes in the House and Senate, which is far from a political certainty. All parties involved have political incentive to keep the rates as they are.

More on the story

Average debt load of Kentucky students at private, public colleges

More on the Project on Student Debt (funded by the Bill and Melinda Gates and Ford foundations)

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