the Voice of
The Communist League of Revolutionary Workers–Internationalist
“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx
the Voice of
The Communist League of Revolutionary Workers–Internationalist
“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx
Aug 19, 2024
Federal student loan rates are going up: the fixed interest rate on Federal Direct Stafford loans will climb to 6.53% for undergraduate loans, up from 5.5% last year. This rate is the highest it has been since 2013 when the rate was 6.8%.
But that’s not all. Direct PLUS college loans jumped to 9.08%, up from 8.05% last year. These loans are often taken out by parents to bridge the gap and pay expenses not covered by other financial aid and federal student loans.
The average cost for in-state tuition attending a 4- year public institution is $9,750 a year, and if you add other expenses onto this, like room and board, it comes to over $27,000 a year. This really means the cost of higher education is more and more out of reach for most working class families … unless they want to face years of debt.
It’s just another proof that we live in a class society where it’s “how much education can you afford.”