Watch CBS News

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

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...

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.