July 8, 2013

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A K LEO T H E

MONDAY, JULY 8 to SUNDAY JULY 14, 2013 VOLUME 108 ISSUE 90

Serving the students of the University of Hawai‘i at Mānoa.

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NOELLE F UJII News Editor As interest rates double to 6.8 percent on subsidized Stafford Loans, the University of Hawai‘i at Mānoa will be dedicating 19 percent of its tuition for financial aid next year and 20 percent for the year after. “We have been and will continue to provide additional funds for fi nancial aid,” Vice Chancellor for Students Francisco Hernandez said in an email. “The UH Foundation will raise additional funds for student scholarships and the UH M ā noa campus will provide additional aid from tuition income. This year the state legislature provided additional funds to the UH system for student jobs on campuses.” The interest rates on subsidized Stafford loans increased from 3.4 percent to 6.8 percent on July 1 after the law that kept them from doubling expired. According to the White House, an estimated seven million new student borrowers will have to pay about $1,000 more each in interest on subsequent loans.

T H E E F F E C T O N M Ā N OA

In the 2012-13 school year, UH M ā noa dedicated 16 percent of its tuition to need-and-merit-based scholarships. According to Hernandez, 4,800-5,000 students received subsidized fi nancial aid that year. In 2011-12, 6,500 Continued on Page 2

CAN YOU PAY OFF YOUR STUDENT LOANS?


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