According to reports, subsidized federal student loans are going to see a drop in interest rates in July 2010. Any subsidized federal student loans made on or after July 1, 2010 will see an interest rate drop 5.6% to 4.5%.
This has caused many students to put off applying for financial aid until after July 1 so that they can get a lower rate on their subsidized federal student loans. While student loan laws are set to change in the future, many students are still relying on them to pay for college and worry about how they will repay after graduation.
There are a variety of student loan options that are set to help college graduates handle their student debt like student loan forgiveness options, student debt consolidation, and income-based repayment plans.
Any college student or future college student should be sure to get as many scholarships and grants as they can before turning to student loans, there is nothing wrong with getting a student loan to pay for one’s education.
However, making certain that you don’t borrow too much from student loans will obviously cut down on your debt in the future, so being responsible with student loan borrowing is also necessary for any college student.