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Interest Rates Drop for 2013/2014 Loans

The Bipartisan Student Loan Certainty Act of 2013 was signed on August 09, allowing federal student loan interest rates to reflect financial markets.  So what does this mean for student loan borrowers?

If you borrow a student loan on or after July 01, 2013 through June 30, 2014, your interest rate will be fixed at the rate established in June 2013.  Currently, interest rates for graduate students are 5.41% for Direct Unsubsidized loans and 6.41% for Direct Graduate Plus loans.  These rates are lower than the 6.8% and 7.9% rates of previous years.  Each June new rates will be determined for the upcoming academic year’s loans, so keep an eye out for those updates.

Do you know what your loan history and corresponding interest rates are?  We recommend students check their loan history periodically at www.nslds.ed.gov to stay within conservative borrowing practices.