Students concerned about ‘loan crisis’

Posted at 12:14 PM, Jun 08, 2012
and last updated 2012-06-08 14:47:44-04

Student body presidents from six different colleges all over Utah met Friday morning to discuss what they believe is a student loan crisis.

Congress is considering legislation that could make the cost of a college education more expensive for 62,000 students in Utah.

"We hear these numbers that students would only have to pay ten more dollars a month if this interest rate went up, and tuition only goes up a couple hundred dollars a year, but that really adds up for students," says Ali Sadler, University of Utah student.

Students plan to draft a letter to Utah’s congressional delegation asking them to not increase the interest rates on Stafford Loans.

Stafford Loans are fixed-rate student loans for students who are at least half-time college students. Stafford Loans are the most common student loan.

The students who have Stafford Loans plan to call lawmakers and request for an extension on the existing interest rates.

Interest rates on Stafford Loans are expected to double by July 1.