Article
State-Level Analysis of Student Loan Interest Rate Increase
How Individual States Will Be Affected by Rate Changes
Collection of new reports by the Center for American Progress, Campus Progress, and the USAction Education Fund details how an increase in the Stafford student loan interest rate would impact a number of states.
Media Contact
Government Affairs
The Center for American Progress, Campus Progress, and the USAction Education Fund released new reports today that detail what an increase in the interest rate on Stafford student loans would mean for several states.
If Congress doesn’t act, the interest rate on these loans will double—from 3.4 percent to 6.8 percent—on July 1.
These reports paint a vivid picture of the impact an interest rate hike would have on young people, who are already dealing with a high unemployment rate, large amounts of student debt, and changes to education funding and college costs. Also included are testimonials from students and family members who depend on federal education loans.
Nationwide, 7.4 million student borrowers would be affected by the rate doubling.
Find out how your state is impacted:
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- New Jersey
- New Mexico
- New York
- Nevada
- New Hampshire
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
See also:
- Student Loan Debt Seems to Rise No Matter What the Economy Does by Christian Weller
- The Cost of College Will Soar if Interest Rates Allowed to Double by Jennifer Mishory, Rory O’Sullivan, and Tobin Van Ostern
The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. A full list of supporters is available here. American Progress would like to acknowledge the many generous supporters who make our work possible.