school loan for college student
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Students rushing to meet loan deadline
Students and graduates are running out of time if they want to refinance college loans before an interest rate hike this weekend.The federal government adjusts interest rates on its student loans each July 1 based on a formula tied to the yield on short-term Treasury bills.If loans are consolidated before the Friday at midnight deadline, the interest rates will remain fixed.A consolidation loan allows students to combine their federal loans into a single loan with one monthly payment.The variable rate on a common Stafford loan dipped to as low as 2.77 percent for students in the 2004-2005 school year and 3.37 percent for graduates already making repayments. Those rates rose last year to 4.7 percent for students and 5.3 percent for graduates.On Saturday, the rates will shoot up to 6.8 percent for students and 7.14 percent for graduates.
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Large Student Loan Interest Rate Hike Looms
(AXcess News) Washington - One of the largest interest rate hikes on college loans is set for this Saturday, July 1, as student debt and the cost of attending college in the United States continue to rise. Federal student loan interest rates will rise and consequently, many students and alumni are scrambling to consolidate their loans. The move comes as a result of the Deficit Reduction Act signed by President Bush in February.
Interest rates on existing and new federal college loans will rise dramatically on July 1. The interest rate on Stafford loans will rise from 5.3 to 7.14 percent on existing loans and to 6.8 percent on new loans. This will mean $2,000 in additional interest payments for the typical undergraduate borrower who currently graduates with $17,500 in debt.
Gregory Cendana,a UCLA Sociology Major said, "I needed to work two jobs in the summer and most of the school year to ensure that I was able to afford the high fees.