higher education student loan
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College loan costs set to rise Saturday
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 eight 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 beginning Saturday. 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.
More higher education student loan info
Financial Aid Tip of the Month, July 2006; Private loans bridge ...
Many sources of financial aid are available to help college-bound students pay higher education expenses, including federal and state grants, scholarships and Federal Stafford and PLUS Loans. In addition, merit-based scholarships and need-based grants are often available at the local level.All these programs may help ease the burden of paying for college; however, sometimes it is not enough to pay college costs. When that happens, parents and students may take advantage of private student loans, usually called alternative loans.In addition to providing Federal Stafford and PLUS Loans in Kentucky, The Student Loan People, Kentucky's only nonprofit student loan provider, offers the Advantage Loan. This loan helps bridge the gap between the cost of college and the financial aid a student has received.