This means if you would have previously taken the full amount for subsidized Stafford loans of $65,000, with the subsidies gone, you will now pay $203 more per month in interest payments over a ten year period. The interest will be accruing immediately while you're in school.

This is effectively a tax raise on grad students who are barely scrapping by in this recession, while the rich continue to get their tax breaks!

The current generation of college grads, who already have the bad luck of graduating during a recession and with many weathering the recession in grad school, just got another shit sandwich from the leadership of both parties.

Remember also that the interest rates for Stafford loans are 6.8%, double the going rate for 30 year fixed mortgages on a second home and six times that of the Fed discount rate given to banks. And grad students more than any other group are responsible enough to pay off their student debt. So this isn't exactly "free money" for grad students.