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Las Cruces Sun-News: Doubling federal loan rate blow to college students

New Mexico students would save $861 on average if the rate returned to 3.4 percent, according to the Center for American Progress.

Loans taken out before July 1 are not affected, but students must re-accept federal loans each year, meaning previous borrowers will see rates rise on loans they take out this fall.

“For thousands of New Mexico students, grants and loans make the difference between being able to attend college and not,” Sen. Tom Udall, D-N.M., said in a statement. “Especially when the economy in New Mexico – and around the country – is still recovering, this isn’t the time to add a new barrier to students seeking a college degree.”

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