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With the rise and fall of interest rates in recent months, good news has been rare.

A drop in student loan interest and up to 3 percent drop for some student loan holders is a welcome occurrence.

Interest rates of federal Stafford loans, which were dispersed between July 1, 1998, and June 30, 2006, dropped from 7.2 percent to 4.21 percent on July 1. Federal Parent PLUS Loans dispersed during the same time saw a similar drop, resulting in a 5.01 percent rate. Read more
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Congress is giving college students an antidote to the annual tuition increase blues with a drop in interest rates on federal loans that could save some students nearly $2,400 over the life of their loans.

Starting today, interest rates on new Stafford loans will drop from 6.8 percent to 6 percent, and eventually to 3.4 percent by 2011. Read more
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According to a study by the Project on Student Debt, recent graduates left college with an average of $19,646 in student loan obligations.

“Unfortunately, some graduates have additional credit card debt or car loans,” says Ken Shapiro, certified public accountant (CPA) and a certified financial planner..

As a first step toward mature, financial independence, Shapiro recommends that new graduates develop a financial plan. “Work out a budget,” he says. “Determine what your real needs are. Figure out how much you can afford to pay down. Pay on time so you can build good credit.”
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The online application process for student financial assistance will be improved this year, the Ministry of Advanced Education, Employment and Labour announced this week.
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Both new and current student loan borrowers of certain federal Stafford student loans saw two interest-rate drops go into effect yesterday that could save them significant amounts of money on these fixed- and variable-rate student loans. Borrowers with variable-rate Stafford loans saw the biggest rate drop — three percentage points — due to the general interest-rate cuts made by the Fed over the past year. Read more
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Paying for higher education became a little easier for low-income students this week. Changes in the federal student loan program that took effect Tuesday will enable eligible students to borrow more money for college expenses at slightly lower interest rates. Read more
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Deputy Prime Minister Nguyen Thien Nhan will establish inspection groups to examine the implementation of student loan policies in various cities and provinces with extraordinarily high and low levels of outstanding loans, according to the Government Office.

Members of the inspection groups will include representatives of the Ministry of Education and Training (MoET), the Ministry of Labour, Invalids and Social Affairs (MoLISA) and Viet Nam Social Policy Bank. Read more
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Finally, students and parents can celebrate a little good news: It’s getting a little easier and cheaper to borrow for higher education.

The government has responded to the credit crunch by allowing all undergraduates to borrow more money from one of the cheapest federal loan programs, cutting interest rates for needy students, and easing repayment for strapped parents. In addition, while turmoil in the financial markets has driven some banks out of the student loan business, it has attracted upstart companies that are now offering students help making alternative arrangements, such as borrowing from rich relatives. So with a little shopping around, students and parents should be able to find lenders offering at least a small discount on modest-size educational loans. Read more
Courtesy: www.usnews.com

The College Cost Reduction and Access Act went into effect today, cutting interest rates on federal student loans. The Act, H.Res.2669, lowers interest rates on federal student loans from 6.8 percent to 6.0 percent and will ultimately decrease these rates to 3.4 percent over the next four years. Read more
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Changes in the federal student aid program that took effect Tuesday will lessen interest rates for some students while increasing the amount they can borrow.

Among the biggest changes, the interest rate on new, subsidized Stafford loans to undergraduates drops from 6.8 percent to 6 percent. Subsidized Stafford loans are awarded to lower-income students, and the government picks up interest payments while students are still in school. Read more
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