student loan rate

Interest Rates on Student Loans Going Up

There is some important information for college students and their parents. In 10 days the interest rates for student & parent loans will go up about 30 percent.

There are some things you can do to save money before these higher rates go into effect, but time is running out.

Savannah State's Financial Aid Director Mark Adkins said he will be very busy the next couple of weeks, because he will be answering questions from students about why the student loan rates are going up.

Mark Adkins said, "There are budget pressures from every side and this is one strategy our federal government used to reduce our budget deficit."

Student loan interest rates will go up to 6.8 percent and parent loans will go up to 8.5 percent.

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4 Steps to Make the Most of Your Student Loans

San Mateo, CA (PRWEB) July 20, 2006 -- Now that this year's cap-tossing and graduation parties are in the memory banks, the reality of paying for that higher education is setting in -- but students still have options to choose the best way to handle college and graduate school debt.

"Most Americans with student loan debt saw a flood of news articles encouraging borrowers to consolidate their loans before government loans underwent their annual interest-rate increase on July 1," said Brad Stroh, chair of Bills.com, who noted that because of the rising U.S. interest rate environment and a government-mandated reset of rates on student loans, rates on federal student loan debt increased by a substantial 1.84 percent on July 1. "Now that student loan rates are no longer at the 3 percent interest rates they hit during the economy's slowest days, it pays even more to be savvy about borrowing for school or returning to school."

According to FinAid, two-thirds of college students borrow to pay for school, with an average loan debt of nearly $20,000.

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