stafford international student loan

Change in rules imminent for college loans

The rules for college loans are undergoing a host of changes, thanks to recent action by Congress that will reshape how students and their families pay for higher education for years to come.

Here are the biggest changes and what they mean for you.

• Fixed rates on Stafford and PLUS loans

Since late 1992, the two largest federal student loan programs have come with a variable interest rate. Starting July 1, the rate for new Stafford loans will be fixed at 6.8 percent and the rate for new PLUS loans will be 8.5 percent. Variable rates on loans issued before July 1 that have not been consolidated will continue to be reset once a year.

• Higher loan limits

Under the old rules, college freshmen could borrow up to $2,625 in Stafford funds.

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Student accounts pack the freebies

Rarely are students so fiercely fought over, but in the past week high-street banks have been squaring up in the battle for the undergraduate pound (or lack of it).

Lloyds TSB aimed a blow at HSBC on Monday by backtracking on last year's decision not to offer any freebies on its student account. This year's first-year undergraduates will receive an iPod Shuffle as well one year's free Youth Hostel Association membership and cut-price cinema tickets.

On the same day, HSBC, which offered possibly the best student bribe of all last year with an MP3 player, announced that this year students will get an MP4 player. It holds around 250 music tracks, stores up to four hours of video footage and has a built-in radio. Alternatively, they can opt for 10 free CDs from CD Wow. To be eligible for either of HSBC's offers, students have to open an account before 7 October.

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