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Re: Student Loans

By: oldCADuser in FFFT | Recommend this post (0)
Tue, 01 Jul 14 2:04 AM | 113 view(s)
Boardmark this board | Food For Further Thought 		Msg. 65238 of 65535
(This msg. is a reply to 65232 by killthecat)
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In light of today's action by the Supreme Court, does this mean that a Muslim family may now refuse, on religious grounds (Islam prohibits the charging of interest), to pay the interest on their children's student loans? Or for that matter, on any of their outstanding credit cards, auto loans or mortgages?




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Student Loans
By: killthecat in FFFT
Tue, 01 Jul 14 12:25 AM 		Msg. 65232 of 65535

WASHINGTON — Interest rates go up Tuesday for students taking out new federal loans.

The change stems from a high-profile, bipartisan deal brokered last year by Congress and signed by President Barack Obama that ties the rates to the financial markets.

Interest rates go from 3.86 to 4.66 percent on undergraduate Stafford loans. Graduate student loans go from 5.41 percent to 6.21 percent. Interest rates on Plus loans for parents go from 6.41 percent to 7.21 percent.

The compromise in Congress was reached after rates doubled last July.

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