Student loan interest rates drop
While college costs continue to rise, there’s some good news for students who will be enrolled in college this fall: lower student loan interest rates.
Interest rates on federal student loans for the 2015-16 school year will drop by more than one-third of a percentage point, according to Inside Higher Ed.
New student loans will cost borrowers less
Student loans for undergraduate students will have an interest rate of 4.29 percent, down from the current 4.66 percent.
Federal direct loans for graduate students will also be lowered from 6.21 percent to 5.84 percent for the coming year.
And luckily for parents who are assisting in paying college costs through Parent PLUS loans, these rates will drop to 6.84 percent from 7.21 percent. This change also applies to Graduate PLUS loans, available for graduate students who have maxed out their direct loans borrowing limits.
Student loan debt relief
Unfortunately for borrowers and former college students who already have student loans, these changes take effect on July 1 and only apply to new loans for the 2015-16 year.
But if you’re struggling to repay your student loans or want to figure out how to get rid of your student debt as soon as possible, our student loan experts can help you get on the best repayment plan for your situation and manage your payments.
Call us anytime at 1-888-234-3907 or contact us using this form and we’ll let you know how we can help.