Students to see double-interest for loans - KUAM.com-KUAM News: On Air. Online. On Demand.

Students to see double-interest for loans

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by Krystal Paco

Guam - If you're a college student dependent on student loans, brace yourselves: starting July 1st, you are now paying double the interest rate.

According to the University of Guam's director of professional and international programs Cathleen Moore-Linn, college students are seeing their interest rates go from 3.4% to 6.8%. This follows word that congress failed to act on legislation aimed to reduce interest rates for some federal student loans.

Moore-Linn notes the average UOG student takes six years to graduate with tuition and fees adding up to over 5- thousand dollars a year.

In response to the increase, she notes that U.S. Department of Education is working to reverse the increase, but it's unclear what action will be made at this time.

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