Congressman Ryan part of push to fix student loan interest rates - WFMJ.com News weather sports for Youngstown-Warren Ohio

Congressman Ryan part of push to fix student loan interest rates

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YOUNGSTOWN, Ohio - College students applying for any new federal loans to cover tuition this fall face higher interest rates.

The interest rates on subsidized Stafford loans doubled to six-point-eight percent.

The higher rates could stick unless Congress keeps its promise to restore lower rates when it returns from the Fourth of July holiday.

Supporters of rolling back the rate before college students start signing loan documents this fall are pushing for action.

"Because of the gridlock in D.C., nothing got done, but there's a real push by me and others that are going to try and get this thing fixed," says Congressman Tim Ryan, Ohio (D)-13.

Ryan says he wants rates to be retroactive, so no one will pay additional money toward their loan debt.

While he's fairly confident a measure will be passed, he admits it does face hurdles with some conservatives to make it through the House and Senate.

"I'm fairly confident, but it is Washington, so you never do know," he says.

Ryan says the increase in interest rates couple with rising tuition costs is troubling and must be addressed.

"I think there's a sense of urgency, it wasn't urgent enough to fix it before it went into place, but there's an urgency to fix it and make it retroactive so no one will pay anymore," he says.

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