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Maryland Students Could Pay at Least $2477 More for College ...
ANNAPOLIS, MD.-Maryland students will have to pay $2477 to $2981 more in college loans beginning today, according to a new report released today by the research arm of the Campaign for Americas Future. College students and graduates will be pushed deeper into debt as interest rates on Stafford loansthe basic student loanrise from 5.3 percent to 7.14 percent on old loans and to 6.8 percent on new loans at the end of this week.
Parents that take out PLUS loans to help their children pay for an undergraduate education also face rising interest rates. This Saturday, rates on PLUS loans will increase from 6.1 percent to nearly 8 percent for existing loans and to 8.5 percent on new loans, costing the average parent nationally an extra $3000 and $3953 respectively.
Maryland students and families are getting hit with one of the largest interest rate hikes on student loans everMaryland students and families are getting hit with one of the largest interest rate hikes on student loans ever, said Toby Chaudhuri, Campaign for Americas Future Communications Director, in a released statement.
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Students Loan Trust Starts Next Academic Year
Consequently, the SLT has directed fresh students admitted to accredited tertiary institutions who wish to be considered for the loans to call at any Social Security and National Insurance Trust (SSNIT) branch office to register to obtain social security numbers if they do not already have them.
Prospective beneficiaries are also to ensure that they have active bank accounts in their names, preferably with a bank which is networked and has a branch close to their institutions of study.
The 2006/2007 academic year for tertiary institutions begins in August this year.
The new trust, which is expected to benefit more than 30,000 fresh students from accredited tertiary institutions in the country, will operate concurrently with the SSNIT scheme until the latter is phased out.