Understanding Student Loan Interest Rates After Increase

Published 07/11 2014 09:04AM

Updated 07/11 2014 09:12AM

The cost of college continues to climb.

Interest rates for millions of student loans increased July 1st.

Undergrads are now paying 4.66% versus last year's rate of 3.86%.

Rates for grad students now sit at 6.21%, up from 5.41%.

Parents taking out loans will pay an interest rate of 7.21%, up from 6.41%.

Troy Sutton explains as a borrower it is important to understand your debt, delay your repayment, build your payment plan and contact your lender.

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