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Rates go up for Student Loans

by | Jul 3, 2017

As if the rates on student loans were not high enough, now students borrowing funds to go to school will see an increase in their rates for the 2017/18 year. I would suspect the rates wont stop here and will continue to increase every year over the next 3 years. According to AccessLex Institute, below you will find the new rate details:

                                                                                                                            Retrieved from http://ift.tt/2tjLNC9

If you notice the Subsidized and Unsubsidized Staffords will go up to 4.45% from 4.29% for Undergrads. Grad Students will see an increase in the Unsubsidized Stafford loans from 5.84% to 6% (they are no longer eligible for Subsidized Stafford loans since 2012).  The Plus loan rates for Parents and Graduates will go from 6.84% to 7%.

The key to handling these increases is to make certain you understand what loans to take out, maximize your scholarships and grants and not borrow more than you need.  With the student loan debt amounts at an all time high you want to safeguard yourself from falling into the same trap many do of borrowing more than you can pay back. 
Degrees of Success can help. Contact us at our new office number of (727) 940-5061 to learn more about completing your FAFSA properly, borrowing the correct loan and gaining scholarships.  School will be tough enough; figuring out how to borrow the money to go shouldn’t be a burden.

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