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Student loan program changes affect rates, repayment

Posted by Tracy in Consumer Headlines, Education and has No Comments
Jul 06 2010

USA TODAY-

In just a few weeks, thousands of recent high school graduates will pack up the minivan and head off to college. For many students, though, the thrill of embarking on a new adventure is tempered by the sobering reality of student debt.

More than 60% of students borrow money to pay for college. If you’re one of them — or you’re the parent of a college student — it’s important to understand some of the changes that took effect on July 1, including:

•All federal student loans are now issued through the federal government’s Direct Loan program. In the past, banks and other financial institutions provided federally guaranteed student loans through the Federal Family Education Loan Program, but the health care reform bill enacted in May ended subsidies for lenders.

FULL STORY: http://www.usatoday.com/money/perfi/columnist/block/2010-07-06-yourmoney06_ST_N.htm

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