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College Talk Blog

Student Loans

Student Loan Interest Rates Drop

New student loan interest rates for the William D. Ford Direct Student Loan become effective each year on July 1. The new rates that became effective for loans disbursed on or after July 1 of 2016 are approximately one half percent lower than last year's rates.

The new rates are fixed for the life of the loan and closer to rates offered for private student loans offered by some lending institutions. In recent years, parents had begun to borrow from banks and credit unions to take advantage of rates that had been lower than government student loans.

Student Loan Bandits

Every time I see a TV commercial advertising paid help for student loan borrowers, I cringe. The reason these commercials bother me is that I have not yet found one that offered a service not already available from the US Department of Education - FREE OF CHARGE!!!

The deceptive advertising practices are also problematic. They use words like "national" in their ads to infer that they are affiliated with the US Government. There are some that illegally use college logos and mascots in their ads to infer that they are affiliated with colleges and universities.

Don't give up your financial benefits!

Current student loan debt relief commercials from private debt relief companies sound like a good solution but they are an invitation to lose financial benefits that come with federal student loans. The commercials lament the large amount students may owe and offer to lower payments and even help people in student loan default. Such offers lead borrowers to believe that they can get a better deal than the one they have with Uncle Sam. The fact is....borrowers can't get a better deal because they already have the best deal.

Students 1-Congress 0

Future student loan payments after college graduation for this years incoming freshmen class just got lower. A congress that realized the future election payback of the furor caused by doubling student loan interest rates under sequestration made a deal. Both houses passed a student loan bill that was a slight increase over the 3.4% rate that ended June 30, 2013 up to 3.9%. This was a great improvement over the 6.8% rate undergraduate students would have faced.

Declaration of Independence from Student Loan Debt

In the US, where we desperately need graduates in a variety of scientific and technical fields such that we have to import talent from other countries, Congress has allowed student loan interest rates to double as of Monday, July 1, 2013. Interest rates  for future student loans provided by the government through the William T. Ford Direct Student Loan Program increased this week from 3.4% to 6.8%. Most consumers are unaware that the goverment will pocket an anticipated profit of 4% of the interest charged.