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Senator Schumer Visits RIT: Stopping Student Loan Interest Rates From Increasing

Jacob Sachs on Wednesday, 11 April 2012. Posted in Financial Aid

This morning, Senator Schumer (NY) made a visit to the RIT campus to speak and show his opposition about the scheduled increase in student loan interest rates.
Speaking in the Fireside Lounge, he gave his support to blocking this scheduled increase from 3.4% to 6.8%, effective July 1st this year.

This rate change would apply to federally subsidized Stafford loans, which many students at RIT and across the country receive every year. The interest rate hike would apply to new loans that will be paid out after July 1 but not to loans currently being repaid or that have already been disbursed. The legislation for the lower interest rates was enacted in 2007.

The block would provide a temporary extension of the current interest rate at 3.4%, but Senator Schumer stated that he hopes he can help make this lower rate permanent with support in congress.

Another highlight was seeing the Senator's love for RIT and its students, talking about the successful hockey programs and the upcoming Student Government elections, citing all of the posters he had seen across campus this morning from both of the campaigns.

Dr. Destler presented Schumer with a signed photo from the Women's Division III National Championship, which Schumer said he would proudly hang in his office. Pictured above is Schumer posing with SG President Greg Pollock and SG Vice President candidate Sarah Thomas with his photo.

 I was glad to be a part of the audience there as well, hearing all of Senator Schumer's support for both blocking this interest rate increase and for the RIT community.

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