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Issue Brief: Student Loan Debt in Connecticut
Without a new plan from Congress, on July 1 the interest rate on subsidized Stafford student loans will double, from 3.4 percent to 6.8 percent. In Connecticut, 73,051 federal student loan borrowers will be impacted if the rate doubles .
Sixty-four percent of Connecticut’s graduates carry student loan debt, with an average of $28,783 in debt per borrower. Unfortunately, student loan borrowers in Connecticut will be hit with higher loan costs on July 1, which translates into an additional $937 in cost per student, per loan.
If the low 3.4 percent rate gets extended, this year’s student loan borrowers in Connecticut would save a combined $68,448,787, which could be spent in the consumer economy rather than being applied toward paying down debt.
DEFEND THE CFPB
Tell your representative to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.
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