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>>ANCHOR: This July, interest rates for federally subsidized school loans will double and Senator
Chuck Schumer wants to prevent that and he was at talking about it at RIT today. Our
Caroline Tucker was there.
>>CAROLINE TUCKER: Last year more than 8,000 undergraduates RIT students used financial
aid to pay for school and now there is concern what a hike in interest rate for the federally
subsidized could mean for them.
Senator Chuck Schumer shared some handshakes with students at RIT. His outraged by the
end of a 3.4 percent interest rate on federally subsidized college loans. In July, it's said
to do up to pre 2007 interest rates at 6.8 percent. Senator Schumer is backing legislation
to keep the interest rate at current levels. It will affect any new loans students take
out but the Senator and students say that rates need to stay low to make college possible.
>>SENATOR SCHUMER: And it is outrageous to make these kids pay 6.8 percent when interest
rates are at 2 and 3 percent. But that's what will happen if nothing is done.
>>CHAD ROSSI: When students are taking on loans, these interest rates are so unreliable
because they are looking at how much my parents make and 99 percent of the time, nowadays,
the parents are not paying for these loans, it’s going to be students when they graduate.
>>CAROLINE TUCKER: Senator Schumer says this legislation would only extend the low interest
rate for another year, his hope that is in the fall to try to make it permanent. In Henrietta,
Caroline Tucker, News 8.