Education Department Gives Borrowers More Time to Refinance Student Loans

With interest rates on student loans about to rise substantially, the Education Department announced this month that it would give borrowers more time to apply to refinance their loans and take advantage of the lower rates still in effect.

Because of increases in interest rates set by the Federal Reserve Board over the past year, the rate that borrowers must pay once they leave college is going to increase on July 1 from about 7.5 percent to 8.25 percent, the maximum rate that