Students hope relief for loan interest rates is on the way

By: Erika Glover Email
By: Erika Glover Email

PERRY Co., Ky. (WYMT) - There is a bipartisan deal among Senators to let students dodge higher interest rates this fall.

The House already passed similar legislation and the differences could be resolved before students return to campus.

Faculty and staff at the Hazard Community and Technical College shared their reactions.

Jonathon Sparkman is 35-years-old and a full-time student.

He has two semesters remaining and said he is concerned with the cost of repaying his education.

"I got two children and a fiancé at home to take care of," said Sparkman. "I need the student loans to help me pay the bills."

Officials say Senators could reach a deal soon on student loan interest rates.

The negotiations could mean undergraduates borrowing this fall would face rates of 3.85 percent.

The Vice President of Student Services, Doug Fraley, says this needs to happen quickly.

"Right now all of the student loans rates would have to be readjusted," Fraley said. "The students have to re-file in some cases and we need that to happen before the first of August."

Rachel Combs is the student representative for the college.

She says a reduction in interest rates would make a big difference.

"Once you get out you have to work and you have to pay your bills," said Combs. "You've got the burden of loans on top of that. Any bit that can be taken off will help them out tremendously."

Fraley is hoping a deal occurs within the next two weeks.

That way student’s will not have interruptions when receiving loans this fall.

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