Coconino Community College, in Flagstaff, Ariz., has low tuition: just $87 a credit hour for in-state students. So in 2008, when the federal government raised the amount students could borrow in unsubsidized loans by $2,000 a year, the college’s financial-aid director wasn’t sure that was a good thing for his students.
There was no indication that Coconino students needed larger loans, says Bob Voytek, the aid director. And since the loans had no interest subsidy and came, at the time, with a 6.8-percent interest rate, the cost of extra borrowing would quickly add up.
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