In the News

CONGRESS squandered a year of potential progress on student-loan interest rates. The result of its inaction was a sharp rise in rates on Monday.

Rates on federally subsidized Stafford loans jumped from 3.4 percent to 6.8 percent, essentially slapping a $1,000 tax hike on students, according to U.S. Sen. Patty Murray, D-Wash.

The average student-loan debt is around $25,000, which can include other types of loans.

A financial hit to 7 million undergraduates, including more than 100,000 in Washington state, can be reversed. If Congress passes a temporary extension to the lower rate by the end of July, the rate hike would be reversed.

Just do it, Congress. Strong options include a proposal by Murray to freeze rates for one year and a bill by Democratic U.S. Rep. Suzan DelBene, D-Medina, to hold it at 3.4 percent for two years.

DelBene deserves support from her colleagues as she tries to get 218 members to sign a discharge petition, allowing an immediate up-or-down vote on her bill, which has been blocked by House Republicans.

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