Claremore Daily Progress

Top Stories

July 18, 2013

Senators ready to restore lower college loan rates

(Continued)

WASHINGTON —

“Can we change it? Sure, we can change it,” Harkin said. “It’s not the Ten Commandments, for God’s sake.”

Harkin did little to hide his unhappiness with the compromise but said there were few options to avoid a costly hike on students returning to campus this fall.

As part of the compromise, Democrats won a protection for students that capped rates at a maximum 8.25 percent for undergraduates. Graduate students would not pay rates higher than 9.5 percent, and parents’ rates would top out at 10.5 percent.

Using Congressional Budget Office estimates, rates would not reach those limits in the next 10 years.

Lawmakers engaged in near-constant work to undo a rate hike that took hold for subsidized Stafford loans on July 1. Rates for new subsidized Stafford loans doubled from 3.4 percent to 6.8 percent.

On Wednesday, the Consumer Financial Protection Bureau estimated outstanding student debt at $1.2 trillion — up 20 percent in just two years. Student loans are now the largest form of consumer debt behind mortgages.

The rapid growth in debt is raising alarm among experts, and there is growing evidence student debt is weighing down the economy — for instance, by delaying the ability of young graduates to buy homes.

The increase follows the jump in the cost of higher education.

The tuition sticker price at public four-year colleges is up 27 percent beyond overall inflation over the last five years, according to the latest figures from the College Board. This past year it rose nearly 5 percent to an average of $8,655 nationwide.

Only about one-third of full-time students pay that published price, and the average net price — what the average student does pay after financial aid — is just $2,910. But net prices have been rising, too, and tuition is just part of the cost of college. Including room and board, the average sticker price at public colleges is now $17,860, and students pay on average $12,110.

Text Only
Top Stories
  • Obama wants limits on US company mergers abroad

    Staking out a populist stand ahead of the midterm elections, President Barack Obama on Thursday demanded “economic patriotism” from U.S. corporations that use legal means to avoid U.S. taxes through overseas mergers.

    July 25, 2014

  • Local churches impact poverty

    Claremore First Christian Church, First United Methodist and the Pastoral Alliance are combining efforts to host a 16-week program, “Getting Ahead in a Just Getting by World,” based off of the national program — “bridges out of poverty.”

    July 25, 2014

  • Grand Jury recesses until August

    The multicounty grand jury charged with investigating accusations of misconduct by Rogers County officials recessed Thursday until August 19-21, saying it needed to hear from more witnesses before returning a finding in the matter.

    July 25, 2014

  • Former Sheriff’s deputy arrested

    The Rogers County Sheriff’s Office arrested ex-deputy Brian Kindle Wednesday after receiving multiple reports concerning his safety.

    July 25, 2014

  • Chelsea man receives 54-year sentence for child abuse

    A Chelsea man was sentenced to 54 years in prison Wednesday after he pleaded guilty to the charges of child abuse by injury and child sexual abuse.

    July 25, 2014

  • Rogers County Clerk sues The Daily Progress

    Rogers County Clerk Robin Anderson has filed a lawsuit against The Daily Progress and the newspaper’s government reporter Salesha Wilken.

    July 24, 2014

  • Band.jpg Local band loses everything on tour

    A Claremore band, The Last Slice, had $30,000 worth of equipment, instruments, merchandise and clothes stolen while on the East Coast Ska Revival tour in Miami, Fla.

    July 24, 2014 1 Photo

  • RSU among Top 15 Southwest schools for game development

    Animation Career Review ranked Rogers State University as the 12th best school in the Southwest for Game Design and Development. 

    July 24, 2014

  • SEARCH DAY 3

    A search connected to a Rogers County cold case continued Wednesday at a Tiawah Hills property. Law enforcement agencies worked through the heat and elements in an attempt to locate associated evidence that could be used to explain the disappearance of a local woman 18 years ago.

    July 24, 2014

  • 34 OSBI agents graduate from investigative academy

    OSBI has graduated its 14th advanced investigative academy.

    July 23, 2014