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Published June 14, 2013, 08:31 PM

Heitkamp in Grand Forks to discuss student loan rates

Students could soon be facing more financial pressure as student loan rates are set to double next month. At a roundtable discussion today Senator Heidi Heitkamp said she'd like to see an overhaul of finances within the University System. But as the deadline nears, she doesn't see that as an option right now.

By: Michael Yoshida, WDAZ

Students could soon be facing more financial pressure as student loan rates are set to double next month. At a roundtable discussion today Senator Heidi Heitkamp said she'd like to see an overhaul of finances within the University System. But as the deadline nears, she doesn't see that as an option right now.

So, she says in the meantime she'd like to see student loan rates at least stabilize until lawmakers can come up with a long-term plan. Heitkamp listened as many students and faculty voiced their concerns on rising student costs. Students could soon be facing more financial pressure as student loan rates are set to double next month.

Tyler Morrow, UND: "Myself but also current students, we're coming out with a lot of debt. A lot more than we've even seen in the past. And as we try to get started in our careers we have to balance getting a job that's even going to allow us to pay for that."

Heitkamp: "Everybody understands the drag that student debt is on the economy. Everyone understands that college needs to be more affordable. Everyone I hope believes that we should not be making money on the backs of students. And so when we start out with those three principles I think that we can solve this problem if we just work together."

If Congress does not act by July 1 then subsidized Stafford student loan rates will rise from 3.4 percent to 6.8 percent.

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