Rep. Hall delivers sigh of relief to studentsPosted: Updated:
Congressman John Hall addressed Cornwall High School students Friday about attending and paying for college in the future. During a roundtable discussion, Hall informed the seniors about a bill recently passed by Congress that cuts student loan interest rates from 6.8 percent to 3.4 percent over the next four years. The news was a sigh of relief for students that are starting the application process, especially since the cost of tuition has increased more than 20 percent over the last five years.
Hall says the bill pays for itself by reducing subsidies paid to lenders in the college loan industry. Hall is also calling on credit companies to cut back on sending college freshmen credit cards that will add to their debt.