Monday, April 23, 2012

White House: 49,000 Idahoans At Risk of Student Loan Interest Rate Spike

Posted By on Mon, Apr 23, 2012 at 12:58 PM

The White House said today that more than 48,000 Idahoans are at risk of having the interest on their student loans double on Sunday, July 1, unless Congress intervenes. Nationwide, more than 7 million students could see the rates on their federal loans double. The White House estimated that the average college student's loan debt is $25,000, while tuition continues to rise.

Last week, the Idaho State Board of Education approved across-the-board increases for each of Idaho's four-year public colleges and universities—including a 5.7 percent jump at Boise State and a 6.1 percent increase at the University of Idaho—for the 2012-2013 academic year.

The cost to attend college—including tuition, books, room, board and transportation—has increased 50 percent in Idaho from 2003 to 2011.

The White House estimated today that there are 48,212 student loan borrowers in Idaho. According to a White House spokesman, an average Idaho borrower could save $969 over the life of a student loan if Congress is able to curb the interest rate increase. The estimated total savings across the state, according to the White House, would be more than $46 million.

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