direct government student loan
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Federal loan rates face changes
After Saturday, college students at OSU and across the country will no longer be able to secure a federal loan at the current interest rates. Rates on the Stafford and Parent PLUS loans are set to increase by 2 percent, with the rates on Stafford subsidized and unsubsidized loans increasing from a variable of 4.7 percent to a fixed rate of 6.8 percent, and the Parent PLUS loans increasing from a variable rate of 6.1 percent to a fixed 8.25 percent. These loans can be bundled into one consolidation loan and secured at a lower fixed interest rate of 4.7 percent. In order to minimize the number of students repaying loans at higher interest rates, the federal government is allowing students to consolidate their federal loans while they are still in school. Students who are currently enrolled at any accredited institution have the option of applying for a Direct Consolidation Loan from the U.S.
More direct government student loan info
Interest Rates on Student Loans Going Up
There is some important information for college students and their parents. In 10 days the interest rates for student & parent loans will go up about 30 percent.
There are some things you can do to save money before these higher rates go into effect, but time is running out.
Savannah State's Financial Aid Director Mark Adkins said he will be very busy the next couple of weeks, because he will be answering questions from students about why the student loan rates are going up.
Mark Adkins said, "There are budget pressures from every side and this is one strategy our federal government used to reduce our budget deficit."
Student loan interest rates will go up to 6.8 percent and parent loans will go up to 8.5 percent.