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Student loans to be simplified
The company that dishes out millions of pounds in loans to students each year is ditching the mountains of paperwork, streamlining the convoluted application process and reducing the confusion over repayments that have plagued many graduates over the past 15 years.
Instead, the Student Loans Company's revamped system will give new students quotes showing how much they can borrow and accept online applications.
Graduates will also be able to work out how much they need to repay at any time using an online calculator.
The moves should help students and graduates to get a better grip on their finances.
Problems have arisen in the past from initial loan applications, which have to go through the local council before being passed to the SLC.
Another common complaint from students is that they are often left without funding for weeks when payments are delayed.
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Lenders busy at refinancing student loans
College students who do their homework before this weekend on the cost of their student loans could save themselves thousands of dollars.
An increase of nearly 2 percentage point in interest rates for federal student loans will kick in Saturday. Advisers say that students who do not refinance their loans could pay thousands of additional dollars in interest decades after a student enters the work force.
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.
The variable rate on a common Stafford loan dipped to as low as 2.77 percent for students in the 2004-05 school year and 3.37 percent for graduates already making repayments.
Last year, those rates rose to 4.7 percent for students and 5.3 percent for graduates.