Student Loan Rates Double After Congressional Inaction

Congress left for July 4th recess over the weekend with some unfinished business. Congressional inaction has left student loan rates to double from 3.4 percent to 6.8 percent.
Last week, Senator Angus King, Independent from Maine, told us that he was ready with a bipartisan solution to the problem: “There is a solution out there and Joe Manchin and I and a group of Republicans put something forward. I think there’s a solution out there and, well, you know Congress – we gotta get to the precipice.”
We’ve passed the precipice and seven million students could be affected.
Jeff Cutter is the founder and adviser for Cutter Financial Group.