Lawmakers, college administrators, students hope to stop interest rate spike set to take effect

POSTED: Friday, April 6, 2012 - 11:15am

UPDATED: Friday, April 6, 2012 - 11:19am

At a college fair in Hartford, Connecticut, students were searching for the perfect school.

Not only do they worry about getting in, but also about how they'll pay for it.

When it comes to student loans, interest rates for Stafford loans are set to double July first from 3.4 percent to 6.8 percent.

With just 88 days before the deadline Connecticut House Rep. Joe Courtney held a news conference to build support for his legislation to permanently cap Stafford rates at 3.4 percent.

He says the bill has 111 co-sponsors.

Students from a local high school watched the news conference hoping congress takes action.

"I'm planning on getting a job and working and going through college so that's going to be stressful enough and passing all my classes," said Elena Mihaylova, a high school junior.

Concerns over the skyrocketing cost of college... Which for some is about to get even worse.

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