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Rep. Walz Proposes Student Loan Interest Rate Freeze

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If Representative Tim Walz has his way, Minnesota college students and graduates could catch a break.

Walz, along with Connecticut congressman Joe Courtney, is proposing an interest rate freeze to stop rates from doubling from 3.4 to 6.8 percent in July.

Minnesota State University Student Association member Moriah Miles is a state chair for all MNSCU schools.

She says 300,000 students and grads in Minnesota take out this type of federal loan.

"And so if the interest rates were to double jumping from 3.4% to 6.8%, that would be an extra thousand dollars every year you're in school and then compounding interest when you graduate with that, so if you're on a 20 year repayment plan which some of us may be with the large amounts of debt we're graduating with, it could add an extra $11,000 dollars on your student loans."

According to a federal study, college students in Minnesota graduate with an average of 30,000 dollars in student loan debt.

That's the third highest debt load in the country.