Durbin Seeks To Freeze Student Loan Rates - NBC Chicago
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Durbin Seeks To Freeze Student Loan Rates

Student loan rates set to double on July 1



    Sen. Dick Durbin is urging lawmakers to hold the line on college loan interest rates.

    Rates on student loans are set to double on July 1 unless lawmakers act, an increase from 3.4 percent to 6.8.

    "Most Americans don't realize that the fastest growing area of debt in america is student loan debt. It now surpasses credit card debt," Durbin said at a news conference at Roosevelt University Friday.

    Durbin is proposing a one-year freeze to keep the rates affordable for students and their families.

    "My belief is that we've got to keep these interest rates as low as possible," Durbin said. "We're finding more and more students and their families borrowing more and more money to cover the costs of education."

    Durbin says organizations offering federal student loans made a profit of $50 billion last year.