Fears of College Loan Debt



Interest Rates Double

There is bad news for college students as student loan rates doubled this week! The interest rates on federally subsidized Stafford student loans rose from 3.4% to 6.8% on Monday, July 1st, 2013. Since many strive to better themselves by enrolling in college or by continuing to expanding their current college degrees, often times student loans may be the only option. Unfortunately for some, their higher education may end up costing a lot more than they expected.

Did you know that student loans follow you into retirement? The Government is now withholding social security checks from thousands who fell behind on their loans. Don’t let this be you.

Student Loan Calculators

Find out how much you could be paying in student loans.

Since knowledge truly is power, please take a moment to protect yourself by learning exactly what your school loan is going to cost you.

  • Budget calculator Determine expenses and income in order to create a budget for college.

Description of repayment plans

There are several repayment plans: standard, extended, graduated, and income contingent. How much you pay and how long you take to repay your loans will vary depending on the repayment plan you choose.

Consolidation loans also have varying repayment plans.

Use the links below to determine your repayment amounts under each of the different plans.

Grants and Scholarships

  • FastWEB!
    FastWeb is an online scholarship matching service and college search service founded by Internet pioneer Larry Organ in 1995. FastWEB is an acronym for Financial aid search through the web. Reporter Jacques Steinberg of the New York Times first suggested that FastWEB was a helpful tool for helping families of college-bound youth explore ways to pay for college, and since then the site has become a go-to resource for college bound students!
  • Grants.gov
    Grants.gov provides a unified site for interaction between grant applicants and the U.S. Federal agencies that manage grant funds.
  • FinAid.org
    FinAid is another online service to help you find Scholarships and Grants to help pay for your tuition needs!

Current Student Loan Interest Rates (as of 7/6/2013)

Fixed Rate Loans

Loan Type Date of First Disbursement Fixed Interest Rate
Direct Subsidized Loans
Undergraduate Students
7/1/13–6/30/14 6.80%
7/1/11–6/30/13 3.40%
7/1/10–6/30/11 4.50%
7/1/09–6/30/10 5.60%
7/1/08–6/30/09 6.00%
7/1/06–6/30/08 6.80%
Direct Subsidized Loans
Graduate and Professional Students*
On or after 7/1/06 6.80%
Direct Unsubsidized Loans
All Students
On or after 7/1/06 6.80%
Direct PLUS Loans
Parents and Graduate Students
On or after 7/1/06 7.90%
*Graduate and professional students are not eligible to receive Direct
Subsidized Loans for loan periods beginning on or after July 1, 2012.
Source: The William D. Ford Direct Loan Program Updated 7-6-2013

Variable Rate Loans

Loan Type Date of First Disbursement Loan Status Interest Rates for the Period 7/1/12–6/30/13
Direct Subsidized and Unsubsidized Loans 7/1/98–6/30/06 Repayment/Forbearance 2.39%
In-School/Grace/Deferment 1.79%
Direct PLUS Loans 7/1/98–6/30/06 Any status 3.19%
Source: The William D. Ford Direct Loan Program Updated 7-6-2013

For Direct consolidation loan interest rates, see that rate page for information.