Some UC students worried about higher interest rates on student loans

CLIFTON, OH (FOX19) - President Obama is capping off a two-day tour of college campuses and universities.  He's trying to push congress to renew a low-interest program for federally subsidized student loans.

The low-interest loan program is set to expire July 1.

Renewing the program would keep interest rates on student loans at 3.4%.

If congress doesn't extend it, rates will double to 6.8%.

For students borrowing the maximum $23,000 it will cost them and extra $5,000 over a 10-year repayment period.

For many University of Cincinnati students, like Vince Katlein, the prospect of higher interest rates is troubling.  "If the interest rates double that means its going to be harder for people like me who don't have a job," said Katlein.

Katlein is a UC education major who says he worries about how he'll pay back his student loans, but he's glad the President is trying to keep a lid on interest rates. "He's telling us that we're the future, we're the ones that need a good education and if this is doubled then the education, is going to be less for people," he said.

UC student Nathan Phillips says higher interest rates could limit students' choice of schools. "Especially if they plan on going out of state, if they're from another state and they plan on coming here to UC," said Phillips.

UC student Michael Boyd says students will have to consider the cost of tuition even more. "I think that's why a lot of kids are going in state, mainly because of interest rates on loans and things like that. In-state tuition is lower."

UC student Kathleen Hurley says many students may be caught off guard if the rates go up. "It's going to be a huge problem for a lot of students and honestly most students don't know about it so when they do find out in July or August they're going to be appalled and they're going to be very, very upset," said Hurley.

Devante Johnson is a high school student and plans to go to college and he says he's worried about how to pay for it. "More money out of my parents bank or my bank, I hope I get a scholarship," said Johnson.

Jaelynn Wright is also in high school and says the prospect of higher interest rates will make going to college even harder. "Right now I think its not fair because there's a lot of struggle for America really," said Wright.

In our commitment to balanced news we talked to UC student Josh Wilcox who says he's not worried. "I'm not really all too concerned because actually I'm a pretty faithful person and so even though things may seem a little bit worse or whatever, I fully trust the Lord above to really help me get through it no matter what," said Wilcox.

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