A few days ago
IAskUAnswer

I think it’s too late to worry about it, but did the federal interest rates go up for student loans this year?

I thought I read somewhere they weren’t changing them this year, but they keep asking me to consolidate so I was wondering if they actually changed or not.

Top 3 Answers
A few days ago
doyalikethatdaddy

Favorite Answer

yes, they did go up and yes its too late for you to worry about it. You will be happy to know however that the statutory formula used to calculate consolidation loans interest rates includes a rounding up factor and with the modest increase in the variable rate most students will not be impacted and they will end up with the same rate as if they had consolidated to lock in that new lower rate. so basically its no biggie. Most consolidations companies are pond scum anyway.
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A few days ago
sunshine23511
the interest rate did go up. Effective July 1, 7.22 was 6.8 repayment and 6.22 was 5.4 for deferment and grace period (this applies to unsub, if I am not mistaking.) Loan paid out prior to july 1 07, the loan will be automatically fixed rate at 6.8 without consolidation. So, if a lender can beat this, why not try.
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A few days ago
Anonymous
With all the doctors and lawyers out there who have obtained

student loans in the past, and haven’t even attempted to pay

it back, are the ones that are keeping the rate up, so please

sign up and join the club. :-})

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