High Interest Rates for Higher Ed

Daily Stat | October 12, 2012 | Topics: Economic Outlook 

7.9%: Interest rate of loans for parents or graduate students

About 2/3 of bachelor's degree recipients borrow money for college, whether from the government or private lenders, according to a Department of Education survey of 2007-2008 graduates. But paying back those loans isn't always easy. While subsidized Stafford loans are available at a 3.4% interest rate, if not temporarily, unsubsidized loans are 6.8%. But that's just for undergraduate students. For parents and graduates students, loans now cost 7.9%. Rates can change depending on decisions in Washington, but with these rates on student loans, be sure to start saving early for high education to see optimal results.

Source:
New York Times: "Answering Questions on Student Loan Rates and the Murky Future," 9/14/2012
The Project on Student Debt, "Federal Student Loan Amounts and Terms for Loans Issued in 2012-13," 6/29/2012

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