Anyone taking loans out this year will like this news. It just got cheaper: U.S. Congress passed a bill that creates a long-term, market-based student loan interest rate solution. The President of the United States signed the bill into law on August 9, 2013 and it will have a retroactive effective date of July 1, 2013. Under the new law, the following interest rates will be applicable for loans first disbursed July 1, 2013 through June 30, 2014. Subsidized and Unsubsidized Federal Direct Loans for undergraduate students will be at 3.86%. Unsubsidized Federal Direct Loans for graduate students will be at 5.41%. Parent PLUS and Graduate PLUS loans will be at 6.41%. The interest on these loans will be fixed, but new loans for subsequent years will have different rates based on a formula determined by Congress.
Posted on: Mon, 12 Aug 2013 18:51:19 +0000
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