Are interet rates set to go to fixed rates next year?

Discussion in 'Financial Aid' started by aquaboy, Dec 20, 2005.

  1. aquaboy

    aquaboy Surfer, sailor, swimmer!
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    I just read that interest rates on student loans are set to go to a fixed 6.8% next year! Is it true? I can't believe that last year the rate was around 2.6% and now it's going to be this high. What have all of you heard?
     
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  2. mpp

    mpp SDN Moderator
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    They will announce the new rate in June. Yes, the rate will likely be in the 6 percent range. Unless there is some legislation that passed that I haven't heard about, Stafford loans should remain variable rate while in school and during repayment; fixed rate for consolidated loans.
     
  3. DrRobert

    DrRobert Day or Night
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    The new rate does not go into effect until July 1st - correct?
     
  4. mpp

    mpp SDN Moderator
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    Correct.
     

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