Wednesday, June 29, 2005

Student Loan Rates About to Jump...deadline to save thousands is TODAY!

On Friday, the U.S. Department of Education will raise the interest rate for federal student loans for the first time in five years. The increase is the result of rising market rates for U.S. Treasury bills.

That means that by 5 p.m. Thursday, students must get a signed application into their lenders in order to lock in loans at current interest rates.

For borrowers still in school or those who graduated in the past six months, the loan rate will rise to 4.8 percent from 2.9 percent. For those out of school more than six months, the rate will increase to 5.3 percent from 3.4 percent.

The change will inflate the cost of an average $16,000 loan by more than $2,700 over a standard 15-year repayment plan

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