Wednesday, January 17, 2007

Dems student loan plan doesn't affect 43.2% of Stafford loans!

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Undergraduates took out $16.3 billion dollars' worth of subsidized Stafford loans in the 2004–05 school year, the most recent figures available. This academic year students may borrow between $3,500 and $5,500 worth of subsidized Stafford loans, depending on their financial need and year in school, up to an aggregate limit of $23,000. [b]However, 43.2 percent of Stafford loans are unsubsidized. Those loans would not be affected by the proposed legislation. Unsubsidized Stafford loans are available to all students regardless of need and may continue to accumulate interest at a fixed rate of 6.8 percent while students are in school and after graduation.[/b]

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