Interest rates on government-funded student loans are due to increase this summer and are projected to continue to rise for the next decade, according to a Congressional Budget Office analysis.
College students who take out government-funded, tuition loans are likely to see the interest rates on their student loans increase by nearly 1 percent July 1, with rates by 2024 likely to be from 2 to 4 percent higher than current rates.
The Federal Reserve Bank of New York documented in its "Quarterly Report on Household Debt and Credit" published in February that outstanding student loan balances increased to a total of $1.08 trillion as of Dec. 31, 2013, representing an increase of $114 billion for 2013.
Copyright 1999-2015 Worthy News. All rights reserved.
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.