government guaranteed student loan

Days are numbered to lock in college loan rates

College costs keep spiraling upward, and now the cost of borrowing to pay for higher education is about to spike, too.

Students and their parents have taken comfort in a half-decade of ultra-cheap college loans, loading up on debt to cover the bills. About 8 million people borrowed $60 billion this year in education loans issued or guaranteed by the federal government. Now only those who act quickly will be able to keep a lid on the cost of that debt.

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Act fast to lock in student-loan rates by July 1

College costs keep spiraling upward, and now the cost of borrowing to pay for higher education is about to spike, too.

Students and their parents have taken comfort in a half-decade of ultra-cheap college loans, loading up on debt to cover the bills.

About 8 million people borrowed $60 billion this year in education loans issued or guaranteed by the federal government. Now only those who act quickly will be able to keep a lid on the cost of that debt.

A combination of rising interest rates and legislative changes to the student-loan program will alter the student-loan landscape July 1.

Rates on existing Stafford loans — the bedrock government-guaranteed student loans that 44 percent of full-time undergraduates rely on to pay tuition bills — change annually and are pegged to 91-day Treasury bills.

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