federal direct 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 federal direct student loan info
MyRichUncle, InYourFace
In the highly competitive student loan market, a new lender trying to get a bite at the apple has a couple of options. The safe but slow route is to try to persuade college financial aid directors — who are often gatekeepers to the lenders' potential customers, the students — to recommend them, formally or informally. With a series of eye-catching full-page ads in The New York Times and USA Today and a strategy of undercutting other lenders on its base rates for federal student loans, a new company called MyRichUncle has chosen the alternative route: seeking to win over individual borrowers.
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