College interest rates going up

Published On: Aug 06 2014 09:30:07 AM EDT
Updated On: Jun 30 2014 09:06:14 AM EDT

Student loans are about to become more expensive.

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.

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