student loan consolidation faq
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New student loan criteria outlined
NEW YORK - 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, which could benefit borrowers if interest rates continue to rise. 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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