Interest rates on student loans increase

Rates on students’ loans increase, effective Saturday, July 1st. 

According to USA Today, some students will take their entire professional careers to repay the loans. The rates will increase from 4.75% to as high as 7.14%. Some will refinance their loans; others will pay them off (if they can); and the others will be saddled with almost twice the interest cost!

Without the loans, the students would not complete their education. And we wouldn’t have their talent.
Yet, listening to some of them talk, it seems as though they feel entitled to a reduction or elimination of the obligation, an obligation they voluntarily took on for themselves.

Not all of these students get employed with top firms with large salaries. What will happen to the others? How and when will they deal with this debt, a debt that might be as large as $500,000 for some who go on to graduate school?

We have not had experience with this before. How our country will deal with this issue may impact the way legal services are delivered … and who delivers them.

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