Time’s not run out. You can still consolidate!
Two weeks from now and the second largest interest rate hike in the history of the student loan program will take effect. Federal student loan interest rates will increase almost 40 percent for students and 30 percent for parents July 1, meaning the new fixed rates for new Stafford loans will be 6.8 percent and 8.5 percent for PLUS (Parent Loan for Undergraduate Student) loans. Mariettatimes.com reports:
New rates for consolidation after July 1 will rise to 6.625 percent for consolidated loans made up of Stafford loans in grace or in-school deferment and 7.25 percent for Stafford loans consolidated during repayment. Currently, those rates are 4.75 percent and 5.375 percent.
Read more: It’s not too late to beat student loan rate hikes
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