Saturday, May 27, 2017

Student Loans Just Got More Expensive

From Trust Advisor:

The U.S. government is raising prices for new student debt, adding hundreds of dollars to the cost of the typical federal college loan.

Beginning in July, interest rates on new government loans are set to rise by 0.69% point, according to Wednesday figures from the Department of the Treasury.

For undergraduates, that could amount to nearly a 20 percent increase in interest charges.

New undergraduate loans from the Department of Education are due to carry an interest rate of 4.45%, up from 3.76% for the academic year ending in June.

Rates on some graduate loans are set to rise from 5.31% to 6%, while rates on loans to parents and guardians are due to experience a jump from 6.31% to 7%.

For example, the cost of a $10,000 loan would increase by about $400, according to an online calculator maintained by Bankrate.com.

That may not seem like a lot of money, but the mes on top of a mountain of student

You can read more here.

(ljs)

https://lawprofessors.typepad.com/legal_skills/2017/05/student-loans-just-got-more-expensive.html

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