On July 1, interest rates on federally subsidized Stafford student loans, held by 7.4 million Americans, will double from 3.4 percent to 6.8 percent.
A little background: Last week, Democrats figured the pending rise in student loan rates would be an excellent way to needle Republicans and rouse a key constituency: young voters (and perhaps their tuition-paying parents, too). Democrats figured that Republicans would blanch at spending the $6 billion it would take to extend the lower loan rate for another year. Moreover, they could again score points off one of their big bogeymen – the House budget authored by Rep. Paul Ryan (R) of Wisconsin, which did not extend past July 1 the lower rate on student loans.
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