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ABC 7 News: CCC Students Feeling Pinch of Doubling Student Loan Rates

7/2/2013 12:00 AM

​Some Chicago students heading to college are awaiting Congress' decision on subsidized student loan rates, which are set to double unless lawmakers take action when they return from the July 4th holiday.

Summer session is on at Harold Washington College. Some students are taking advantage of grants here and the lower cost of the community colleges in general, and then combining their credits for degrees elsewhere. ...

Financial aid counselors at City Colleges discourage students from taking loans. The City Colleges' Associate Vice Chancellor for Student Financial Service, Cynthia Grunden, sees a benefit to all our communities when higher education is more accessible.

"We should as a nation be willing to make investments in higher education for students particularly for low income students who struggle with access and part of that is giving students an interest rate that can afford to pay off their student loans," said Grunden.

Single mom Gina Smola tranfered to Harold Washington after taking out thousands of dollars in Stafford loans at a previous college. She fears higher rates may prevent her from getting the advanced degrees needed to pursue a career in addiction studies. ...

To watch ABC 7 Reporter Leah Hope's news report, visit abclocal.go.com.

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