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Student loan interest rates set to increase

Today is the last day student loan holders will have to consolidate their debt without feeling the hit of the nearly 2-percent increase in interest. The Federal Stafford loan rate will rise 1.93 percent July 1 and parent loans for undergraduate students (PLUS) will rise 2.4 percent, marking the largest jump since 2000. The change stems from a new bill that was incorporated into the Deficit Reduction Act of 2005, S. 1932, according to a press release from the Montana Guaranteed Student Loan Program.Ron Muffick, director of business relations and programs for the MGSLP, said, "Because of the interest rate change effective July 1, I encourage borrowers to contact their lenders to explore all of the options for repayment including consolidation."The average student debt for a Montana borrower is $20,000, quite less than the national level of $50,000, according to the American Council on Education."The rate increases mean higher interest payments for students and graduates over the life of their loan," said Jim Stipcich, president of Student Assistance Foundation.

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Consolidation could save on college loan

The latest government reports show the amount of student loan debt has skyrocketed to more than $50 billion. Now, students, parents and graduates have only a few days to save money.

Getting accepted to the college of your choice may not be as difficult as paying for it. More than 60 percent of U.S. students are graduating with student loan debt.

"I was going to need a lot of money to help pay for living on campus," University of South Florida/St. Petersburg campus senior Jennifer Massey said. "I got the federal Stafford loan, the subsidized Stafford loan, so that's about $7,000.

Massey is one of nine million people across the country with a federal Stafford loan.

But as they try to beat the deadline, students are calling loan consolidation companies like OneSimpleLoan in Pinellas County.

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