We broke the news to these FSU students Friday that their college tuition will increase by hundreds in the fall.
“That means I’m going to have to take out more loans,” said Junior Vitoria Medeiros.
“Prices going up such as books, tuition is just another thing that is going to add more stress,” said Marina Gonzalez.
“Probably going on an even stricter budget than I already am,” said Junior Courtney Howell.
University leaders approved tuition hikes for Florida’s public universities ranging from nine to 15 percent. On average tuition will increase 700 dollars next year. It could go even higher for students who borrow money to pay for school.
If Congress doesn’t act by the end of next week, interest rates on student loans will double to 6.8 percent. For most students the increase means a thousand dollars more every year they borrow.
Students are shocked that next year they could be paying 700 more in tuition and another thousand for their loans.
Marina Gonzalez has already racked up 20-thousand dollars in student loan debt, the state average.
“I don’t even know how I’m going to be able to afford grad school at this point because I’m already on student loans and the interest rate’s going up,” said Gonzalez.
President Barack Obama has been on a mission to stop the rate increase, speaking at colleges in Florida and throughout the county.
“That’s money out of your pocket,” said President Obama.
As of noon Friday, the nation’s combined student loan debt was already one trillion, 11 billion dollars and counting, if Congress doesn’t act the number will begin climbing even faster.
Republicans are accusing the president of playing politics with the issue. The GOP controlled house passed a bill to freeze the interest rate and tied it to a six billion dollar health care cut. Democrats in the Senate are balking at the House bill. If an agreement isn’t reached, interest rates will increase, but only for new loans written after July first.