(ALBANY, N.Y.) -- New York Sen. Kirsten Gillibrand called on Congress on Tuesday to prevent hikes on college loans.
The New York Daily News reports that about 420,000 college students in New York State would be forced to pay more than $340 million extra in interest if Stafford loan rates double from 3.4 percent to 6.8 percent, according to a recently released report by the Center for American Progress.
“We could have prevented this from doubling,” Gillibrand said on Tuesday. “When we price our young people out of higher education, we all pay the price. We rob ourselves of a future engineer or biologist or teacher.”
City and state university students in New York could also face additional hikes on top of the federal loan threat after tuition increases.
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