subsidized student loan
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Interest Hike Looms On Student Loans
RALEIGH, N.C. -- Interest rates on government-subsidized student loans will go up nearly 2 percentage points on July 1, so some education funding experts are urging people to consolidate outstanding loans.
"This jump is really going to hit the pocket of students," said Julia Leggett, a political science major at Meredith College, who expects to owe about $35,000 by the time she graduates.
"You do have to incur a lot of debt when you go to a private college, and you want to be competitive in the work force. So, you search for the best institution and you search for loans," Leggett said. .
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Consolidation could save on college loan
The latest government reports show the amount of student loan debt has skyrocketed to more than $50 billion. Now, students, parents and graduates have only a few days to save money.
Getting accepted to the college of your choice may not be as difficult as paying for it. More than 60 percent of U.S. students are graduating with student loan debt.
"I was going to need a lot of money to help pay for living on campus," University of South Florida/St. Petersburg campus senior Jennifer Massey said. "I got the federal Stafford loan, the subsidized Stafford loan, so that's about $7,000.
Massey is one of nine million people across the country with a federal Stafford loan.
But as they try to beat the deadline, students are calling loan consolidation companies like OneSimpleLoan in Pinellas County.