Congress acted yesterday (6/29/12) to keep college loan rates at 3.4% before the July deadline when they were set to double. But…
This is good news for students who have federally subsidized loans. However, there were compromises which will still mean changes that can affect student debt. First, graduating students starting with the class of 2013 will not have a 6 months’ reprieve before starting to pay off their loans. Their loans will come due immediately, of course, increasing their interest payments. Also, students who plan to go to graduate school will not longer have deferred loans. They will have to begin paying their loans for their undergraduate degree right away, making earning a graduate degree that much harder.
