Student Loan Consolidation Lowdown

Student-loan giant Sallie Mae and other lenders recently hiked rates about 1.84 percent for the coming fiscal year on two key programs: Stafford loans and PLUS loans. The steeper rates will translate into higher monthly payments for borrowers. Bostonherald.com reports:

Sallie Mae Vice President Pat Scherschel said rates shot up over the past two years because the Federal Reserve has been tightening credit in a bid to prevent inflation.

Read more: Debt by degrees: Feds to hike student loan rates

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