Student Loan Interest Rates to Increase Tuesday - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Student Loan Interest Rates to Increase Tuesday

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Interest rates go up Tuesday for students taking out new federal loans. This hike is relatively minimal but could foreshadow more increases to come.
The change stems from a high-profile, bipartisan deal brokered last year by Congress and signed by President Barack Obama that ties the rates to the financial markets.
Interest rates go from 3.86% to 4.66% on undergraduate Stafford loans. Graduate student loans go from 5.41% to 6.21%. Interest rates on Plus loans for parents go from 6.41% to 7.21%.

The average borrower under the hike will pay back about $4 more every month for every $10,000 owed. That's about the price of fancy latte. (AP)

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