A plan to lock in the subsidized 3.4 percent rate for another year for one type of federal student loan commonly used by undergraduates failed in the Senate Wednesday on a procedural vote. Lawmakers continue to negotiate the issue.
These federal Stafford loans have been subsidized at a rate of 3.4 percent by the government for the past two years, but on July 1, the rates doubled to 6.8 percent. While these changes don't affect all students, loan debt remains a pressing concern for many students and recent graduates.
We're asking students who are paying for college with loans to weigh in and share their stories about student loans. We'll be publishing some of these stories later Wednesday.
Here are examples of responses from two of the Washington Post's summer interns who are college students:
Some say the millennial generation is ungrateful, arrogant and demanding. But it's hard to be pleasant with your hands tied behind your back. Like anyone else,
we want to make the world better, and we know education is the way to do that. Yet increasingly our way to a brighter future is becoming a costly burden that makes that American Dream slip further and further out of our reach. This is why an interest rate increase on student loans matters. Because supporters of such an increase are telling us we don't.
- Rebecca Rolfe
As a student at a very expensive private school, loans are what is financing half my education. The looming threat of beginning to pay back these loans come graduation day was bad enough before. But now with the interest rate increase the pressure to obtain a job fresh out of school that will put me on the right path to my dream career may come second to the job that will pay that bill.
- Jennifer Maas
Using the form below, tell us about how student loan debt has affected your life.