The rates are in, and as expected they have dropped like a second rate fighter in a Vegas prize fight.
The rate decrease will not effect everyone however. Only those who hold federal loans with varialble interest rates are doing a little dance today. If you have fixed interest rates, and many do, you are out of luck.
The rate decreases effect those who secured federal loans PRIOR to July 1, 2006. After that date a fixed model was put into place. Of course if you had loans from prior to July 1 2006 and already consolidated you are also out of luck as you inherited a fixed interest rate at that time.
So what have the rates fallen to? Drum roll please…
Stafford In Grace rate: 2% (down from 3.61%)
Stafford In Repayment rate: 2.5% (down from 4.21%)
Parent Plus Loan rate: 3.38% (down from 5.01%)
Start your application for federal loan consolidation.
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