debt loan reduction student
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Campaign for America's Future Memorandum: Large Student Loan ...
One of the largest interest rate hikes on college loans is set for this Saturday, July 1, as student debt and the cost of attending college in the United States continue to rise. Federal student loan interest rates will rise and consequently, many students and alumni are scrambling to consolidate their loans. The move comes as a result of the Deficit Reduction Act signed by President Bush in February.
Interest rates on existing and new federal college loans will rise dramatically on July 1. The interest rate on Stafford loans will rise from 5.3 to 7.14 percent on existing loans and to 6.8 percent on new loans. This will mean $2,000 in additional interest payments for the typical undergraduate borrower who currently graduates with $17,500 in debt. ( http://edworkforce.house.gov/democrats/pdf/raidonstudentaid.pdf )
-- PLUS (Parent Loans for Undergraduate Students) loan interest rates will increase even more dramatically, from 6.1 to 7.94 percent for existing loans and to 8.5 percent on new loans.
More debt loan reduction student info
Making Cents Changes in student loans = trouble for some
Most students think that when Paris Hilton and her enormously wealthy family get a tax cut, the results show up mostly in the taxes the government takes out of your $8 an hour summer job. In reality, the extra $40,000 Paris may save this year will also come out of your student loan payments.
Huh?
Every year there is a big rush in May and June for students to consolidate their student loans before graduation or before July 1st rate increases. This year the push has a more serious reason propelling students and graduates. What could be more serious than 4 - 6 years of debt owed to the biggest loan shark of all?
The Deficit Reduction Act of 2006 brings an end to many perks students have previously enjoyed. For example, students who have already consolidated their loans and want to get a new consolidation loan will no longer be able to after July 1st.