Student Loan Interest Rates Drop
by Lynne Adkins
PHILADELPHIA (CBS) -- If you're taking out federal student loans, it's now cheaper than it was even days ago.
There's good news for college students needing federal student loans, Mike Falco, of Falco Wealth Management in Berwyn says the interest rate has dropped, so you'll be paying back less.
"As of July 1st, any loans taken out July 1st or later, the rate will go down a little more than a half a percent, actually .53-percent. That's because Congress passed a bill tying the interest rate to the 10 year treasury note," said Falco.
He says the rate reduction could save you thousands. A student taking out a $25,000 loan will save about $37 a month and the rates are locked in for the life of the loan.
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