are watching to see how the issue would be resolved. interest rate would have doubled to 6.8%. costing average student $1,000 more in next 12. the senate republican leader took a swipe at the president who is glad to have a deal. the agreement we reached will ensure the college students were already facing enormous challenges in the obama economy. won t be paying higher interest rates. the overall outstanding student loan balance public and private is $904 billion. the average federal student loan debt for a graduating senior for four year undergraduate program is according to the department of education, $17,063 per borro borrower. president obama calls this issue vital for students. surest path to finding a good job and earning a good salary and making it to the middle class. the cost is 5.985 billion.
borrower. press callepresident obama called this vital for millions of student. education is the suress path to finding a good job and earning a good salary and making it into the middle class. it can t be a luxury reserved for just a privileged few. it s an economic necessity that every american family should be able to afford. reporter: if congress hadn t aebgtd interest rates on student loans with would have jumped to 6.8% and ended up costing an average student one thousand dollars for one more year according to the congressional research service, bill. bill: how does this break down, or do we know in terms of what this cost an individual taxpayer. reporter: let s crunch some numbers on the taxpayer calculator. the cost of the student rate extension is $5.985 billion. if your salary is between 15 and $30,000 you pay 2.80 centss. between 30 and and $50,000 it s
this year. taking a look at the overall outstanding student loan balance, public plus private is $904 billion. breaking it down, the average federal student loan debt for a graduating senior from a four year undergraduate program is, according to the department of education, $17,063 per borrower. at the bill signing on friday, president obama called addressing the loan interest rate vital for millions of students. higher education, the surest path to finding a good job and earning a good salary and making it into the middle class. so it can t be a luxury preserved for a few privileged. as we crunch the numbers in the taxpayer calculator, the cost of the student loan rate extension is just shy of $6 billion. $5.985 billion but your cost if your salary is between $50,000 and $100,000 is $26.27.