University of Hawaii at Manoa student Senators voted last night to pass an emergency resolution asking Congress to pass legislation that would prevent federal student loan interest rates from doubling July 1.

Rates for the so-called Stafford loans are slated to increase then should a law that kept them from doubling to 6.8 percent expires. 

A 2007 law cut rates in half to the current 3.4 percent.

If the law does indeed expire, an estimated 7 million new student borrowers across the country would pay about $1,000 more each on interest on subsequent loans. Experts say low Stafford loan rates play a role in the country’s economy because they support students from varied economic backgrounds, including middle- and upper middle-class students. 

Hawaii university officials have told Civil Beat that they can’t do much about the impending increases. They do, however, largely support various congressional bills aiming to curb the hikes. 

With three days to go before the increases take effect, student Senators representing the Associated Students of the University of Hawaii at Manoa decided to take the matter into their own hands. 

The measure is being distributed to Hawaii’s congressional delegation and university leaders, among others. 

The resolution highlights some interesting tidbits about the financial aid picture at UHM in 2011, the most recent year for which comprehensive data are available, including:

• The average total debt of UHM’s graduating class was $20,655
• About 40 percent of UHM’s graduating students borrowed money to attend college
• More than half — 52.5 percent — of UHM’s students received need-based financial aid

Read Civil Beat’s past coverage Interest Rate Hikes Could Hurt Hawaii Students.

Photo courtesy of DonkeyHotey via Flickr. 

— Alia Wong