Student loan interest rates set to reach 16-year high
The borrowing cost for student loans is soon poised to reach a 16-year high. Financial aid expert Mark Kantrowitz told ABC News that the interest rate on a federal undergraduate student loan is expected to climb to 6.5% in July, marking its highest level since 2008. The current interest rate on a new student loan is 5.5%. "I think it's crazy. At least for me, I am scared of how I'm going to pay it off," college student Amber Rivere explained.
