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Elmira/Corning

Schumer talks student loans at CCC

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CNY/NNY/S. Tier: Schumer talks student loans at CCC
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CORNING, N.Y. -- Senator Charles Schumer stopped by Corning Community College Friday to discuss the importance of making college tuition affordable.

In 2007, Congress lowered the interest rate on federally subsidized Stafford loans from 6.8 percent to 3.4 percent.

But this July, that interest rate is supposed to double back to its original 6.8 percent. Schumer is now pushing legislation to keep the rates low so students can afford to attend college.

"College is becoming close to a necessity but it's priced like a luxury. To allow student loans to charge 6.8 percent when average interest rates for mortgages and other things are much lower would be outrageous," said Schumer.

Schumer says this bill has bipartisan support and he expects it to pass.

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