Monday, May 18, 2015

Interest Rates on (SOME) Student Loans Are Expected to Drop Soon - Janet Lorin, Bloomberg

Rates on some U.S. student loans are on track to drop by half a percentage point for the upcoming academic year when they are reset in July. The shift won’t help students saddled with older loans that have fixed interest rates as high as 8.5 percent. Since last June, U.S. Senate Democrats, led by Elizabeth Warren of Massachusetts, have unsuccessfully tried twice to pass bills letting student-loan borrowers refinance their existing loan balances at lower interest rates. Rates for this academic year can be as high as 7.21 percent for certain graduate-school loans.

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