05.31.07 | Federal Student Loan Interest Rates To Rise Nearly Eight Basis Points This Summer
According to the results of the United States 91-day Treasury Bill auction, the interest rate for Stafford loans originated before July1, 2006 increased by 8 basis points. Loans in repayment will change from 7.14 to 7.22 percent. For Stafford loans in an in-school or grace, the rate will change from 6.54 to 6.62 percent. Additionally, interest rates on PLUS loans will increase from 7.94 to 8.02 percent.
For the graduates and parents who have older, variable-rate loans can take advantage of the lower rate if they apply for student loan consolidation by June 30. Also, for spring 2007 college graduates who still have variable-rate loans should apply for consolidation before their six-month grace period comes to an end. By applying in-grace, they can lock in a rate of 6.625 percent, compared to 7.25 percent if they wait until repayment begins this fall.
Also, students and parents who consolidate their Stafford, PLUS using a Student Loan Network Consolidation Loan can also reduce their interest rate by making on time payments and by using automatic debit to make payments electronically. For more details please phone us at 877-328-1565 or visit here.
The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans
The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans
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