A few days ago

Can I apply the new interest rate of 3% that Congress will pass this year to my stafford loans for this year?

I recently heard that the government will decrease the interest rate on stafford loans from the current 6.8% to somewhere around 3%. If this is so I could save a lot on my educational loans over the long term. Any insight would be helpful. Thanks.

Top 1 Answers
A few days ago

Favorite Answer

Unfortunately, that interest rate will be for loans processed after July 1st, so no, you can’t retroactively apply that rate to loans already disbursed. What you can do is look into consolidating your loans and dropping down some of the interest through ACH payments and so one. The first place I would check with would be the loan service. They are the company that sends you updates periodically about you loans ( Sallie Mae, Nelenet, Ed America, ACS, AES, act).