On February 8, 2006, President Bush signed into law a budget reconciliation bill that will impact your student loans as a student and a graduate. The interest rate on any new student loans (Federal Stafford Loans) that you take out after July 1, 2006 will be fixed at 6.8%. Any student loans you have taken out prior to that date will remain at a variable rate.
The good news is that origination fees on student loans are scheduled to phase out over the next several years, which means fewer fees on your student loans. Additionally, if you will be pursuing a graduate degree, a new PLUS Loan initiative will allow graduate and professional students to take advantage of PLUS funds. This will enable you to cover your total cost of attendance with federally guaranteed, low-interest loans instead of Alternative Loans, which are typically more costly.
If you are nearing graduation, you are probably thinking about consolidating your student loans through the Federal Loan Consolidation Program to lower your monthly payments up to 50%. The tips provided below will help you to deal with questions you may have concerning graduation and how to handle your student loans.
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