How Would the Rising Stafford Loan Interest Rate Affect College Students?
CengageBrain Conducts Survey to Collect Students’ Opinions on the Student Loan Rate Increase
Stamford, CT – June 27, 2012 - Unless Congress acts quickly to stop it from doubling, the federal subsidized Stafford loan interest rate is scheduled to revert back to 6.8 percent on July 1 from 3.4 percent, affecting millions of undergraduate students across America. In an effort to better understand how current students will react to this change, CengageBrain (www.cengagebrain.com), the premier destination for purchasing college textbooks and part of Cengage Learning, polled 500 college students from its audience on everything from the drastic actions they would take if rates increase, to how it might affect their voting in upcoming elections.
Shockingly, 23 percent of the students polled said they would consider dropping out of school if rates doubled, and 66 percent of students planning on getting an advanced degree said they would be less able to pursue graduate school. When asked if the student loan debate will ultimately affect their voting in upcoming presidential and state elections, 61% of students said yes. Take a look at our infographic, “Students Weigh in on Student Loans Debate” for the rest of the astonishing results on how increased student loan rates would impact students’ decisions on their education.
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