As if debt-soaked grad students don’t have enough to worry about as they approach graduation, the federal government has provided them with another horrific prospect to go along with the fear of not being able to find a job — the responsibility of paying off student loans while still in school.

CNNMoney reports that federal legislators are getting rid of some subsidized federal loans for grad students as part of the last-minute debt deal. Traditionally, students don’t have to start paying interest on subsidized loans until six months after graduation.

The federal government is expected to save $21.6 billion over 10 years on the backs of terrified grad students. Most of the savings — $17.6 billion — will go toward the Pell Grant program, which go to economically disadvantaged students. The remainder will go toward deficit reduction.

If you had plans of attending grad school, would the lack of subsidized loans make you change your mind?

Students to feel pinch in debt deal [CNNMoney]
(Thanks, Erin!)

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