Despite White House efforts to provide some relief to student loan borrowers, those arriving on campus this fall are being financially squeezed by higher college costs and rising interest rates.
WASHINGTON — Despite White House efforts to provide some relief to student loan borrowers, those arriving on campus this fall are being financially squeezed by higher college costs and rising interest rates that make it more expensive to borrow money to cover those expenses.
Some student loan advisers anticipate the rates for both federal and private loans will shoot up even more next year as a result of the Federal Reserve raising rates to try to cool decades-high inflation. “We commend this administration for responding to the call of addressing of the student loan debt crisis,” said Derrick Johnson, president of the NAACP. “However, with rising interest rates and potentially another increase in interest in November, we are also witnessing a sharp increase in the cost to go to college.”
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