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Senator Schumer Calls On Congress To Block Student Loan Interest Rate Increase

Senator Charles E. Schumer at a news conference (Credit: Monica Miller/ WCBS 880)

Senator Charles E. Schumer at a news conference (Credit: Monica Miller/ WCBS 880)

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NEW YORK(CBSNewYork) — Sen Charles Schumer took to the steps of the New York Public Library on Sunday, to ask Congress to approve a deal that would block a student loan increase.

Interest rates are scheduled to double on July 1, but Congress appears to be close to reaching a deal that would block the increase.

The deal would block the increase for another year. Interest rates on Stafford loans are currently at 3.4 percent, but a 2007 law required them to be doubled in 2012.

In spite of other types of debt falling, student loan debt increased to $904-billion in the last year, according to the Federal Reserve Bank Of New York.

How bad is your student loan debt? Let us know in our comments section below…