Sen. Bernard Sanders, I-Vt., told CNBC on Monday he's "very disappointed" interest rates on federally subsidized Stafford student loans doubled overnight, soaring from 3.4 percent to 6.8 percent after Congress failed to reach a deal that would have prevented such an increase.
"I think that it is totally absurd for the middle class of this country and for our entire economy," Sanders said of the student loan rate increase. "The idea of allowing rates to float up to 7 or 8 percent is preposterous."
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Sanders said that to compete in the global marketplace, American youth must obtain a college education. Given the rising cost of higher education, though, Sanders said it's become more difficult for students to afford college. Therefore, he said availability of a low interest rate loan is essential for the education of the low and middle classes.