Earlier this year, the Obama administration led a federal initiative to streamline the student loan process. Many people were up in arms about what this would do to student loan rates. However, there is great news on the horizon for prospective college students: student loan rates are on the decline!
After successfully maxing out their federal loan options, students may be able to get rates as low as 2.9% from private lenders. Of course, these are variable-rate loans, unlike Federal ones. Now if the rates on auto loans for students stay as low as they have been, tomorrow’s college students may be able to save some money in this whirlwind of quick-rising tuition costs.
For more information, read this article.