June 15, 2001
Rate on Student Loans to Drop Sharply
The interest rate on federal student loans will drop by 2.2 percentage points in July, to its lowest mark in more than two decades.
Because of cuts in interest rates by the Federal Reserve Board this year, the rate that borrowers must pay six months after they leave college will decrease on July 1 to 6 percent from 8.2 percent.
The rate that borrowers are charged while enrolled and for the first six months after graduating or leaving college will drop to 5.4 percent from 7.6
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