Officials seek to stop student loan increase

HARTFORD, Conn. (AP) — Several members of Connecticut's congressional delegation are calling for a stop to a planned interest rate increase on student loans.

U.S. Reps. Joe Courtney and Rosa DeLauro will be joined by U.S. Sen. Richard Blumenthal for a news conference Monday at the Legislative Office Building. They're trying to draw attention to how the interest rate on subsidized Stafford student loans is set to jump from 3.4 percent to 6.8 percent on July 1.

Courtney introduced a bill in January that would have permanently capped the rate at 3.4 percent, but that proposal has stalled.

Citing a non-partisan study, the lawmakers say if Congress does not act, borrowers who took out the maximum $23,000 in loans will see their interest grow by an additional $5,200 over a 10-year repayment period.