stafford loan for graduate student

Graduated interest: act fast to lock in 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.

A combination of rising interest rates and legislative changes to the student loan program will alter the student loan landscape on 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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Report: Vermont Students to Pay at Least $2711 More for College ...

MONTPELIER, Vt., June 30 /U.S. Newswire/ -- Vermont students will have to pay $2711 to $3263 more in college loans beginning Saturday, according to a new report released today by the research arm of the Campaign for America's Future. College students and graduates will be pushed deeper into debt as interest rates on Stafford loans -- the basic student loan -- rise 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.

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