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Discuss “Federal financial aid interest rates rise for 2005-2006 school year”

It's estimated that 55 percent of Carnegie Mellon undergraduates borrow some kind of financial loan to pay for their college education, and now that loan will be more expensive to repay, thanks to a rise in federal financial aid interest rates. The rise, which went into effect earlier this summer, raised the interest rate on most federal loans, including Federal Stafford Loans and Parent Loans for Undergraduate Students (PLUS). Previously, interest rates on these loans had been at their lowest level in forty years.

The Federal Stafford Loan, which for the 2004-2005 school year had a 2.77 percent interest rate for students still in school, became 4.7 percent on July 1, according to Molly Seltzer's Richmond.com article "Rising rates pique interest."...

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