Student Loan Interest Rates Cut
Next week marks a drop in the interest rate of Stafford Loans from 6.8% to 6.0%. This is just the beginning of an overall cut in interest rates which will be cut in half over the next three years reaching a low of 3.4% by the year 2011. The cut is expected to benefit almost 7 million students who take advantage of the need-based Federal Student Loan Program.
The cuts are part of the College Cost Reduction and Access Act which was recently signed into law and will provide help in the form of lower interest rates, increased Pell Grants, and increased loan limits. This is a good sign for those of you headed to college this year. Make the most of the financial aid packages offered to you by filling out your FAFSA today.
Student Loan Watcher @ June 25, 2008