How much do you know about student debt?
On July 1, interest rates on Stafford student loans doubled from 3.4 percent to 6.8 percent because Congress could not come to an agreement before the July 1 deadline.
According to a New York Times editorial, “This increase in costs comes at a time when college debt has already reached record levels, damaging the economy and hobbling young graduates. It also draws attention to the fact that the federal government is making quite a lot of money from the loan program. An analysis by the Congressional Budget Office estimated that the new, higher rate would earn the government about $184 billion over the next decade, after taking into account program costs, including potential defaults.”
But Wednesday, by an 81-18 vote, the Senate approved a bill to tie federal college loan rates to financial markets and offer borrowers lower rates this fall, essentially rolling back the July 1 interest rate hike. The bill is expected to gain approval from both the GOP-controlled House and President Obama.
So how much do you know about the state of student loan debt in the U.S.? Take this quiz and find out.
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