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.
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