NEWS: Student Loan Rates Rise July 1st

Interest rates on federally subsidized loans like Stafford and PLUS are reset every year on July 1^st. This year the rates are expected to rise considerably with Stafford Loans going up to 6.8 percent and PLUS loans going up to 8.5 percent. If you currently have student loans, you know that this is a noticeable difference from previous rates.

You have the option of consolidating your loans and locking in a rate, which, in the long run, will save you thousands.  It will also drop your monthly payment, as the longer the term you get on the consolidation, the lower the payment.

If you are still attending school, or foresee yourself attending school in the very near future, you may not want to consolidate just yet, as you will be looking at more loans to add on.  Speak to a financial aid advisor at your school, they will be able to assist you in what can be a very important decision for any college graduate. ■