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Clock is ticking on student loans
It's crunch time in the student loan world. Borrowers have just one week left to avoid a spike in payments by locking in interest rates.
But many borrowers are still undecided on whether to refinance their debts by converting traditional student loans — which have variable rates — to a single, fixed-rate loan. They must apply by next Saturday.
"I can't decide what to do," said Lisa Blazer, a doctoral student and assistant vice president for student financial aid and enrollment services at the University of Texas San Antonio. Blazer has unconsolidated loans from her master's degree.
"If I were an undergraduate who doesn't have a job, I'd also consider whether I'd be able to make the payment 30 days after graduation."
Blazer and many other borrowers face a combination of rising interest rates and legislative changes that will alter the student loan landscape July 1.
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Ryan encourages YSU students to act quickly on loan changes
YOUNGSTOWN College students and recent graduates with outstanding student loans have until Saturday to consolidate those debts before interest rates rise.
U.S. Rep. Tim Ryan of Niles, D-17th, was at Youngstown State University on Monday urging that those eligible to refinance their debt do so immediately.
Loans have been at variable rates that are reset every July, but changes in the federal program will convert the loans to fixed rates as of Saturday, he said, noting that outstanding federal student loans are now at 5.3 percent but will go to 6.8 percent. Parent loans for students are at 6.1 percent but will go to 8.5 percent, he said.
Students can lock in that 5.3 percent rate, and parents can lock in their 6.1 percent rate permanently by consolidating various years' loans now, he said.