College interest rates going up
Updated On: Jun 30 2014 09:06:14 AM EDT
Students enrolling in college this year will see higher interest rates on school loans. The rates on undergraduate Stafford loans taken out between July 1 and June 30, 2015 will jump to 4.6%. That is increase from the last year's interest rate of 3.8%. Unsubsidized loans will jump from 5.4% to 6.2%. Direct PLUS loans will go up from 6.4% to 7.2%. Interest rates aren't expected to stop rising. The Congressional Budget Office expects them to rise as high as 7.7% in 2018.