I admit that I have limited knowledge on college loans, in particular, Stafford loans, so the recent opinion piece on the subject sparked my interest. I made a simple Google search and found some information that could clarify any misconceptions.
Any existing Stafford loans shouldn’t be affected as the interest rate on existing subsidized
Stafford loans will not increase. The contested interest rate would begin on July 1 and would affect new subsidized Stafford loans taken out on or after July 1, 2012.
The cost of the interest rate will vary on the loan amounts and repayment plans. The estimated increase in the monthly payment is $6-$7.
In summary it shouldn’t affect existing loans only new ones and hopefully this will be straightened out by July 1.