WASHINGTON D.C. – Students, get ready to celebrate! The bill to lower student loan interest passed the Senate last week and now it has passed the House of Representative’s vote. Next the bill will be going straight to the President Obama’s desk.
Before you go celebrating too much, the decrease in loan interest isn’t a permanent drop. The rate is set to increase across the next several years.
By 2017 the current loan interest rate of 3.86% will have nearly doubled to 7.0% for undergrads.
While the temporary change is certainly a plus now, student loans will always be a necessary evil for most students.