Student loan interest rates set to increase next month - WVVA TV Bluefield Beckley WV News, Weather and Sports

Student loan interest rates set to increase next month

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FAIRLEA, W. Va (WVVA)-- It could be even more expensive to pay for college starting next month.

Government subsidized student loan interest rates are set to double come July 1st, and for local students and their families, that could mean tightening their belts and riding out the increased expense for a quality education.

Senator Joe Manchin was in Greenbrier County Friday and spoke to WVVA about how Congress is addressing the issue.

"We have to do something. And those like myself want a longer fix, a 10 year or more fix," he said.

Congress passed an extension on the lower interest rates back in 2012 to prolong the 3.4% for another year. But that is set to expire.

"I don't think another temporary fix is good enough at all, for anybody," said Manchin. "We think we have a compromise, we're going to be introducing that compromise next week and we think it keeps the student loans low."

Senator Manchin added he believes education should be affordable.

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