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Low loan rates give college students a break

Source: Posted By: jim R...4591 days ago

The cost of borrowing from the federal government using Stafford loans just dropped for thousands of college students.

As of Wednesday, the interest rate for new subsidized Stafford loans for undergraduate students will drop to 5.6 percent from the current rate of 6 percent. This rate, which applies to loans issued between July 1 and June 30, 2010, will remain in effect for the life of the loan. Subsidized Stafford loans are available for borrowers who demonstrate financial need.

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