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Student Loan Rates Double, Leaving Senator Grassley Flabbergasted

Before the July 4th break in Washington D.C., there was no action taken to avoid student loan rates doubling from 3.4-percent to 6.8-percent. Senator Chuck Grassley shares that he is flabbergasted that nothing occurred to avoid this. He explains that if the democrats agreed to President Barack Obama’s plan, a plan Grassley thinks is a good idea, then rates would be approximately 4-percent instead of depending on congress to set it. Grassley does believe that the issue will be brought up again and that it will be retroactive to July 1st.