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College Talk Blog

Student Loans

So what does double student loan interest mean to me?

Anyone listening to the news or reading print media knows that student loan interest rates are set to double from 3.4% to 6.8% on July 1, 2013. The actual impact of that increase is less widely known.
For students who borrow the average amount of $23,000 and repay their loan over the standard 10 year repayment period, the impact is$4,598.98 in additional interest. That figure uses a repayment model in which the student pays his monthly loan interest that accrues while he is in school.
Student loan interest rates have been at 6.

We are ripping the college access safety net

The student loan program is a safety net for middle class families particularly hard hit by the recession. Student loans make it possible for any student from a family with income levels that make them ineligible for grants to still afford community college if parents can't help. If a family has managed to save for education, student loans give a student additional educational choice to go to a residential college or to attend college out of state.
Recent surveys have found a correlation between family income and valuing college.

Will sequestration affect your college aid package?

Sequestration is a process with all kinds of intended and unintended consequences. Students who qualify for some grants will be affected, specifically TEACH grants but not Pell. Students who rely on loans will face rising interest rates.
Lawmakers in favor of sequestration may think the goverment-economic-belt-tightener will impact students whose families pay low or no taxes. In fact, sequestration is more likely to have the most direct effect on middle class students who rely heavily on loan and other self-help programs like the TEACH grant.