Posted by Lee Wilson | Posted in Uncategorized | Posted on 11-08-2010
Tags: college, education, interest, loan, loan interest rates, rates, student loan interest, student loan interest rates, student loan interest rates 2, student loan interest rates 2010, student loan interest rates 2011, student loan interest rates history, student loan interest rates july 2010
Will student loan interest rates be going up or down after July 1, 2009 ?
Well...that depends...
NEW loans certified July 1 09 or later will have a decreased interest rate of 5.6%. This will be fixed for the life of the loan. This is decreased from 6% as of July 1 08.
If you are asking whether your EXISTING loans will have an interest decrease, the answer is likely NO. Any new loans as of July 1 07 have been changed to FIXED interest, meaning that the interest rate will never change for the life of the loan.
If you happen to have loans older than that, then YES they may still be variable interest rate loans. You can contact your lender for rate information on variable rate loans.
