Take Two®

News and culture through the lens of Southern California. Hosted by A Martínez

What could Obama's new budget mean for student loan debt?

by Take Two®

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College loan debt isn't easing up, and students are struggling to navigate a plethora of obligations. File photo from Kevork Djansezian/Getty Images

Today, President Obama unveils his 2014 budget. In it, he's rolled out a new proposal to change student loan interest rates. Joining us for more on this is Mark Kantrowitz, publisher of the financial aid web sites FinAid.org and Fastweb.com.

"If the 3.6 percent interest rate jumps to 6.8 percent, the typical recipient for one year's loans will have a $7 higher a monthly loan payment. If it continues for four years, that's the equivalent of about $24 per month," said Kantrowitz on Take Two. "It's not Earth-shaking, but every dollar that you have to spend on student loans is a dollar less that you can spend."

We'll be talking about President Obama's student loan rate plan tomorrow and we want to hear from you! Are you considering taking out loans or have you already? Let us know about your experience in the comments below, or send us a tweet to @TakeTwo.

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