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I spoke this morning with U.S. Rep. Keith Ellison about 

the bill he said he has helped introduce 

that would prevent the Federal Direct Stafford Loan's 3.4 percent interest rate from doubling this year.

(The rate used to be fixed at 6.8 percent, but was reduced back in 2007. It's scheduled to return to 6.8 percent July 1.)

Ellison was short on specifics, such has how much the average student would save or how much it would cost the U.S. government, which effectively took over federally backed loans to students in 2010.

He did tell me that the savings to students:

And the cost to the government in lowering the amount of interest it'll earn:

Ultimately, he said, he sees education is a social investment:

Education News

On Campus Blog

Alex Friedrich

Author

I spoke this morning with U.S. Rep. Keith Ellison about the bill he said he has helped introduce that would prevent the Federal Direct Stafford Loan’s 3.4 percent interest rate from doubling this year. (The rate used to be fixed at 6.8 percent, but was reduced back in 2007. It’s scheduled to return to 6.8…

What Ellison said about the Stafford Loan rate freeze bill

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