3 big new changes to federal student loans and what they mean for you |
3 big new changes to federal student loans and what they mean for you
The Department of Education put three major changes to federal student loans into effect July 1 that could have long-term financial consequences for borrowers.
[Images: Adobe Stock]
Federal student loan terms can change from one academic year to the next. For instance, every spring, the Treasury Department determines the fixed interest rate for federal student loans for the upcoming award year, which runs from July 1 to June 30. Borrowers know that if they take federal loans every year of college, each one will likely come with a different interest rate.
But major overhauls........