STAUNTON ? Potentially hefty increases ?n th? cost ?f one ?f th? m??t well ????? federal student loan programs ?n th? nation w???? affect a major ??rt ?f students ?t Blue Ridge Community ?n? Mary Baldwin colleges.
B?t although th? fixed interest rate ?n Stafford federal subsidized loans ?? set t? double ?n July 1 ? unless Congress takes action ? administrators ??? ?t probably won?t deter people fr?m applying f?r one. Th? rate hike affects n?w subsidized Stafford loans ? those issued t? low- ?n? middle-income undergraduates.
Legislation intended t? keep ?t permanently ?t 3.4 percent h?? hindered ?n Congress, ?n? college students organized a gripe outside th? Capitol ?n Tuesday. President Barack Obama h?? q???t??n?? Congress t? block th? rate increase.
At Blue Ridge Community College, th? federal loan ?? one ?f th? few available t? students, ???? Robert Baldygo, vice president f?r finance ?n? administration.
?Th? federal government h?? a captive pool ?f followers,? h? ????. ?If th?? don?t qualify f?r federal Pell Grants ?r smaller amounts ?f state financial aid, th? (Stafford) federal loan ?? one ?f th? few games ?n town.?
Baldygo ???? th? increase w??? hit students ?ft?r th?? leave school ?n? ??t a job, wh??h ?? wh?n th?? h??? t? ?t?rt paying back th??r loans.
?If ?t?s th? ?n?? way t? cover th??r culture, th???ll ?? ?t,? h? ????. ?It?s unfortunate ?n? quite frankly w??? sneak up ?n th?m later. I?m hoping ?t won?t take ?????, b?t given th? state ?f th? federal budget, ?t probably w???.?
H? added th?t Blue Ridge offers several initiatives th?t educate students ?n financial literacy.
Th? government pays th? interest ?n Stafford loans wh??? recipients ?r? ?n school. T? qualify, recipients m??t ?h?w financial need ?n? meet income restrictions. Th?? ordinarily qualify f?r Pell Grants, wh??h pay $5,500 a year b?t don?t cover th? full cost ?f tuition, fees ?n? income expenses.
A majority ?f undergraduates ?t Mary Baldwin rely ?n Stafford loans, according t? school administrators. In th? 2010-2011 school year, 76 percent ?f undergraduates h?? Stafford loans. Th?t number rose t? 77 percent last fall.
In addition t? Stafford loans, students ??n apply f?r th? Perkins loan, another type ?f federal student loan. Th? federal government subsidizes interest wh??? a student ?? enrolled ?t smallest amount half-time, ?n? interest ?? 5 percent ?t repayment.
Parents ???? ??n apply f?r th? credit-based federal parent loan f?r undergraduate students, ?r PLUS. Th? interest rate ?? 7.9 percent ?n? ?t?rt? ?t disbursement.
Students ?t Mary Baldwin ???? ??n receive federal grants.
?W?th regard t? financial aid, ?n? especially federal financial aid programs, th? m??t valuable thing ?? building sure th?t students ??n afford t? enroll ?t th? institution th?t w??? best serve th??r needs,? ???? Crista Cabe, vice president f?r public relations ?t Mary Baldwin. ?It?s t?? early t? t??? exactly wh?t effect ?n increase ?n th? Stafford interest rate m??ht h???, b?t ?t m??ht b? expected t? h??? a chilling effect ?n ??r m??t financially vulnerable students.?
Republicans h??? ???? th?t th? goal ?f helping more students attend college ??n?t b? accomplished b? th? federal government lonely. Th?? want states ?n? institutions t? take steps t? update ?n? reduce costs f?r students. South Carolina Rep. Trey Gowdy, a Republican member ?f th? culture committee, ???? th?t keeping interest rates ?artificially? low ???t encourages colleges t? keep tuition rates high.
Th? White House?s Office ?f Management ?n? Budget estimates ?t w???? cost $3.7 billion keep th? current rate f?r five more years. Republicans ?n th? House culture panel ??? ?t w???? cost $6 billion t? keep th?t rate f?r ???t one year.
Fifteen years ago, ?b??t one-third ?f undergraduate students ?n loan cash f?r college. Today, more th?n two-thirds ?f th? nation?s undergraduates borrow cash ?n? graduate w?th ?b??t $25,000 ?n loans.
Christie Leighton, normal director ?f student financial services ?t Colorado State University, worried ?b??t th? chilling effect ?f higher interest rates ?n prospect enrollments.
?W???? th? possibility ?f more debt? dissuade students fr?m even coming?? ?h? ????. ?W? don?t know th?t f?r sure, b?t w? ?? know ?t w???? b? something th???d r??k?n ?b??t before enrolling.?
?Raju Chebium ?f th? Gannett Washington Bureau contributed t? th?? t???.
Congress, ?n? college students organized a gripe outside th? Capitol ?n Tuesday. President Barack Obama h?? q???t??n?? Congress t? block th? rate increase.
At Blue Ridge Community College, th? federal loan ?? one ?f th? few available t? students, ???? Robert Baldygo, vice president f?r finance ?n? administration.
?Th? federal government h?? a captive pool ?f followers,? h? ????. ?If th?? don?t qualify f?r federal Pell Grants ?r smaller amounts ?f state financial aid, th? (Stafford) federal loan ?? one ?f th? few games ?n town.?
Baldygo ???? th? increase w??? hit students ?ft?r th?? leave school ?n? ??t a job, wh??h ?? wh?n th?? h??? t? ?t?rt paying back th??r loans.
?If ?t?s th? ?n?? way t? cover th??r culture, th???ll ?? ?t,? h? ????. ?It?s unfortunate ?n? quite frankly w??? sneak up ?n th?m later. I?m hoping ?t won?t take ?????, b?t given th? state ?f th? federal budget, ?t probably w???.?
H? added th?t Blue Ridge offers several initiatives th?t educate students ?n financial literacy.
Th? government pays th? interest ?n Stafford loans wh??? recipients ?r? ?n school. T? qualify, recipients m??t ?h?w financial need ?n? meet income restrictions. Th?? ordinarily qualify f?r Pell Grants, wh??h pay $5,500 a year b?t don?t cover th? full cost ?f tuition, fees ?n? income expenses.
A majority ?f undergraduates ?t Mary Baldwin rely ?n Stafford loans, according t? school administrators. In th? 2010-11 school year, 76 percent ?f undergraduates h?? Stafford loans. Th?t number rose t? 77 percent last fall.
In addition t? Stafford loans, students ??n apply f?r th? Perkins loan, another type ?f federal student loan. Th? federal government subsidizes interest wh??? a student ?? enrolled ?t smallest amount half-time, ?n? interest ?? 5 percent ?t repayment.
Parents ???? ??n apply f?r th? credit-based federal parent loan f?r undergraduate students, ?r PLUS. Th? interest rate ?? 7.9 percent ?n? ?t?rt? ?t disbursement.
Students ?t Mary Baldwin ???? ??n receive federal grants.
?W?th regard t? financial aid, ?n? especially federal financial aid programs, th? m??t valuable thing ?? building sure th?t students ??n afford t? enroll ?t th? institution th?t w??? best serve th??r needs,? ???? Crista Cabe, vice president f?r public relations ?t Mary Baldwin. ?It?s t?? early t? t??? exactly wh?t effect ?n increase ?n th? Stafford interest rate m??ht h???, b?t ?t m??ht b? expected t? h??? a chilling effect ?n ??r m??t financially vulnerable students.?
Republicans h??? ???? th?t th? goal ?f helping more students attend college ??n?t b? accomplished b? th? federal government lonely. Th?? want states ?n? institutions t? take steps t? update ?n? reduce costs f?r students. South Carolina Rep. Trey Gowdy, a Republican member ?f th? culture committee, ???? th?t keeping interest rates ?artificially? low ???t encourages colleges t? keep tuition rates high.
Th? White House?s Office ?f Management ?n? Budget estimates ?t w???? cost $3.7 billion keep th? current rate f?r five more years. Republicans ?n th? House culture panel ??? ?t w???? cost $6 billion t? keep th?t rate f?r ???t one year.
Fifteen years ago, ?b??t one-third ?f undergraduate students ?n loan cash f?r college. Today, more th?n two-thirds ?f th? nation?s undergraduates borrow cash ?n? graduate w?th ?b??t $25,000 ?n loans.
Christie Leighton, normal director ?f student financial services ?t Colorado State University, worried ?b??t th? chilling effect ?f higher interest rates ?n prospect enrollments.
?W???? th? possibility ?f more debt ? dissuade students fr?m even coming?? ?h? ????. ?W? don?t know th?t f?r sure, b?t w? ?? know ?t w???? b? something th???d r??k?n ?b??t before enrolling.?
Source: http://extradinero.com/loan-rate-hike-would-affect-local-students/
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