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Student loan rates to jump Saturday
As the weekend approaches, many Americans are looking forward to this years upcoming Fourth of July celebrations. But for some Americans the new month could mean losing thousands of dollars over the next few decades.On Saturday, interest rates for federal student loans increase by almost 2 percent, bringing college students interest rates to 6.54 percent for students and 7.14 percent for graduates. The jump includes raising parents rates if a loan was taken out to finance a childs education, though the interest percentage varies with each loan.To avoid paying the higher rates, some borrowers hope to lock in lower rates on their loans by consolidating them before Saturday. Annette McDonough, a banker at Cleburnes Wells Fargo branch, said there are many advantages to student loan consolidation.Consolidation can give cheaper interest rates, and can lock in your rate percentage, she said.
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4 Steps to Make the Most of Your Student Loans
San Mateo, CA (PRWEB) July 20, 2006 -- Now that this year's cap-tossing and graduation parties are in the memory banks, the reality of paying for that higher education is setting in -- but students still have options to choose the best way to handle college and graduate school debt.
"Most Americans with student loan debt saw a flood of news articles encouraging borrowers to consolidate their loans before government loans underwent their annual interest-rate increase on July 1," said Brad Stroh, chair of Bills.com, who noted that because of the rising U.S. interest rate environment and a government-mandated reset of rates on student loans, rates on federal student loan debt increased by a substantial 1.84 percent on July 1. "Now that student loan rates are no longer at the 3 percent interest rates they hit during the economy's slowest days, it pays even more to be savvy about borrowing for school or returning to school."
According to FinAid, two-thirds of college students borrow to pay for school, with an average loan debt of nearly $20,000.