Student Loan Interest Increases July 1st

Financial Tip of the Day:

On July 1st, the interest rates for Federal Student loans (both grad and undergrad) increased: Federal student loan interest rates to rise Saturday. If you’re taking out a federal loan this fall, your new agreement will include a slightly higher interest rate compared to any loans you may have previously taken out.

With this in mind, to minimize the amount that you have to pay back in the future, limit your borrowing to only the amount that you actually need for school expenses. Many students take out extra money beyond the cost of books, tuition and room & board to cover other non-school related expenses - only increasing their future debt load.

And remember, if you’re a NY state resident, beginning this fall, tuition at city and state city colleges is now FREE if you meet certain guidelines.

#studentloans #debt #grad #undergrad