Students who plan on taking out government loans could pay nearly $2,000 more starting July 1st. Just yesterday Congress set the new interest rate for federal student loans at 4.66% starting this fall. The students who are most affected by this change will be the incoming 2014-2015 students, as well as current freshmen in college. What does this mean for students who plan on taking out loans?
The interest on student loans can increase by nearly $2,000 over the life of the loan. The new rate of 4.66% was established and announced by Congress just this week on Wednesday, May 7. This increase, although important, isn’t the only area of concern parents should be aware of. In 2014 the national student loan debt exceeded 1.2 Trillion dollars. This is HUGE, and cannot be overlooked. Student loans are now 2nd on the consumer debt list, following mortgage debt. Should families worry? Be informed, but do not worry. As a resource for families we are here to help guide you step-by-step along the way, and did I mention we save you money in the process?
This information is only the tip of the iceberg when it comes to college planning. The more a family plans for college, the more a family saves. All parents deserve to be informed on college trends so you will be educated when making costly decisions. Attend our college workshop – “How to pay for college without going broke” this month. Our workshops are free to attend and they are 100% informational.
Our goal, at College Planning Experts, is to connect students with opportunity. The three pillars of college success that we focus on are:
- Helping students get accepted to their best fit college
- Maximize all scholarship and grant opportunities
- Funding the cost of college without sacrificing your retirement or life savings
We only have a few spots left for our May workshops. You can reserve your seat by registering online at www.CollegePlanningExperts.com/workshops or give us a call to make sure seats are still available.
CEO & Founder of College Planning Experts