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Student loan rates, amount of financial aid on the rise
BALTIMORE - Borrowing money for college just got more expensive when higher interest rates on federal student loans went into effect July 1.
However, students may be offered more help thanks to a trend toward increases in need-based aid, which includes grants and scholarships.
At Towson University, need-based financial aid for students has jumped more than 300 percent in the last six years, from about $1 million in 2000 to more than $6 million this year, according to Vince Pecora, director of financial aid.
Pecora said rising interest rates on all types of loans, not just the most recent increase, as well as the skyrocketing cost of college, led to the dramatic increase in aid at Towson.
“I don't think there's a general awareness of the percentage [increase], though we've alerted every single borrower we have and the federal government has notified them," Pecora said.
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Hours Remain for Borrowers to Lock in a Low Interest Rate Through ...
RESTON, Va., June 29 /PRNewswire/ -- In a matter of hours, on July 1, interest rates on most federally guaranteed student loans will jump by nearly 2 full percentage points. To avoid the rate increase, borrowers must submit their Federal Consolidation Loan application by midnight on Friday, June 30, 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )
To respond to last-minute requests from borrowers seeking to lock in today's interest rates through student loan consolidation, Sallie Mae will divert all available customer service personnel to focus on helping individuals with consolidation-related issues.
"By redirecting all available resources in the final hours of this unusual interest rate environment, we will help our borrowers receive the best possible service and the lowest possible rate when they consolidate their loans," said Keith D'Ambra, senior vice president of loan consolidation, Sallie Mae.