By Michelle Durham
PHLADELPHIA (CBS) — Effective today, the interest rate on new, federally guaranteed student loans doubles (see related story).
While those affected wait to see if Congress will take action, officials at Delaware Valley colleges and universities are offering some advice to students seeking loans.
“Wait and see what happens,” says Mike Wisniewski, director of student financial services at La Salle University. “It is the Federal Direct Student Loan, which is the foundation loan that most students take out. There is probably not an alternative financing.”
He agrees that both students and administrators are in limbo right now as they wait to see if Congress acts.
David Glezerman (below right), the bursar at Temple University, is hopeful.
“We think that once Congress comes back from recess they will make a decision fairly quickly,” he tells KYW Newsradio.
Glezerman says there is no harm in waiting a few more days before applying for those loans. In the meantime, he suggests, see how much you really need to borrow.
And he notes that the current situation offers more then a math lesson:
“I’d say this is poli sci at its finest!”