Student Loans

Statement

Senator Durbin noted his concern that Illinois students stand to lose $388 million if Congress fails to prevent the doubling of student loan interest rates that takes effect July 1. If Congress can come together to prevent the rate hike, each of more than 365,000 Illinois students will save over $1,000 over the life of their loans.

"College affordability shouldn't be an issue up for debate," Durbin said. "As federal student loan debt balloons to an average of $25,000 per student, allowing subsidized Stafford rates to double is unconscionable. For the next generation to have a chance to lead productive middle-class lives, we must ensure their debt levels stay low."

Source