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For the student:
Subsidized Stafford loan interest rate was taken on July 1, 2012, will remain at 3.4 per cent for another year. This is a last-minute decision of Congress reached after the interest rate, set by law doubled to 6.8 percent this year, became the talk of politics.
[Read the debate one takes interest rate student loan to cover other issues.]
But under a temporary provision which lasts until July 1, 2014, holders of subsidized Stafford loans taken this year and next year will no longer enjoy interest-free grace period after graduation. Historically, the federal subsidy was extended for six months after students finish school, meaning students will not have to pay for half of the imposition of interest.
Over the next two years, students with subsidized Stafford loans are not need to enter up to six months after their graduation, but interest will accrue over that time period.
One potential gap, but situated on the repayment of government programs, including the Income-Based Payment, for students who qualify, noting Pauline Abernathy, vice president of the Institute for College Access and Success (TICAS), a nonprofit research organization.
"This really underscores the need for students to think about their payment options and enter into a repayment plan just before they leave school," Abernathy notes. "If they can get the proper plan, they will not necessarily get any interest during that time period."
On your last year of school, talk with your financial aid office of the government's options for students with federal loans, including the Income-Based Payments and Public Service Loan Forgiveness, Abernathy recommended.
Separately, students without a high school diploma or GED (not including home schooled students) who enroll in college for the first time no longer eligible for federal student aid, including loans. Students who have completed college as some still will be eligible for federal aid.
For graduate students:
Graduate students are no longer eligible for government-subsidized Stafford loans. Grad students can still take a subsidized Stafford loan, the interest arises at a rate of 6.8 percent over the school.
[Learn more about Stafford loans for graduate students.]
Even without government subsidies, federal loan borrowers graduate student's best bet, says Abernathy of TICAS. Graduate students with federal loans will be eligible for government program debt after graduation, including the Income-Based Payment and Loan Forgiveness Public Service, as well as delays in unemployment.
"They kind of choice is not guaranteed and are rarely, if ever, offered by private student lenders," Abernathy notes. "[Amendment] means [students] have to choose their courses carefully, especially if they are going into public service, to ensure they would qualify for Income Based Payment or Loan Forgiveness Public Service."
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Pada :2012-07-10T15:20:00+07:00
Student Loan Changes for 2012
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