Government student loan rates up this fall - Fox 28: South Bend, Elkhart IN News, Weather, Sports

Government student loan rates up this fall

If you thought student loan interest rates couldn’t get any higher, you may want to think again. Thanks to congress, college freshman taking out government student loans could be paying nearly a percentage point higher than previous years starting this fall.

So what does this mean for your wallet? With this new rate, seniors who have one year left of school could be looking at an additional $260 in interest over a 10 year period. Analysts say incoming freshmen could be looking at more than $1,000 additional interest on the life of their loans.

The government student loan interest is based on a government bond and will be set later on today.

Source: CNN

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