Back to school Return of worry for some students

By on July 30, 2013

The federal government allowed the doubling of interest rates on college federal loans to 6.8%.

Democrats won a protection for students that rates would never climb higher than 8.25% for undergraduate students. Graduate students would not pay rates higher than 9.5%, and parents’ rates would top out at 10.5%.

Increasing rates aren’t the only thing on student’s minds.

“It’s hard enough thinking about paying back your loans when you’re done. You have to survive being broken the enire time,” said Aaron Powell, junior at UAB.

Adding up all the costs – supplies, clothes, shoes and electronics – highlights how expensive it can be to go to school. According to the National Retail Federation’s (NRF) 2013 Back-to-School Survey, families with school-age children will spend an average $634.78. Total spending on back-to-school is expected to reach $26.7 billion.

“I just wish there was money coming back into my pocket.”

MCT Campus

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