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Loan Rates Set to
Rise on July 1
Interest rates on federally-guaranteed student loans will rise
by almost two percentage points on July 1, 2006.
The revised interest rates that will come into effect on that
date are:
- Stafford Loans (in school, grace and deferment periods): 6.54
per cent
- Stafford Loans (repayment): 7.14 per cent
- PLUS Loans: 7.94 per cent
Students, graduates, and parents who have outstanding student loans can avoid
the higher interest rates by consolidating their loans on or before June 30.
Consolidated loans are charged a fixed interest rate based on the average rate
of the loans being consolidated. There is an 8.25 per cent interest rate cap on
Stafford Loans that were issued after July 1, 1998 and before July 1, 2006, and
a 9 per cent interest rate cap on PLUS Loans initiated during that same period.
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