Understanding Student Loan Interest Rates After Increase

Troy Sutton with Sutton Financial Group joined KLBK This Morning's Brittany Escobar to talk about understanding student loan interest rates.

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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