Yes, higher education is expensive and it's not often that we get good news on the education finance front. However, some very good news has come down the federal student loan pike. On July 1, federal student loan interest rates will drop to the lowest rates in the history of the federal student loan system.
Available to students with variable interest rate federal loans who have not yet consolidated and who took those loans out before July 1, 2006, the new rates, according to a Studentloanconsolidator.com article, are as follows:
Stafford In Grace rate: 2% (down from 3.61%)
Stafford In Repayment rate: 2.5% (down from 4.21%)
Parent Plus Loan rate: 3.38% (down from 5.01%)
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