2007 has ushered in new laws governing student loans.
Reduced Rates: This year Stafford loans will have a 6% interest rate, but that rate will be gradually reduced to 3.4% by 2011.
Borrowing Rate: The amounts you can now borrow are higher for full-time dependent students, full-time independent students, and for graduate students. For example, a full-time dependent undergraduate student can borrow $3,500 her freshman year and $4,500 his sophomore year. After that a full-time undergraduate can borrow up to $5,000.
Paying Back Your Loan: The new laws allow some pay-back breaks for those who take public service jobs. If you work in public service, after you have completed 120 monthly payments, those monthly payments can be reduced. You can also get monthly payment reductions if you are in a low paying job.
For more details go to FinAid.com