Good News For Student Borrowers

If you have a student loan, there is good news. The interest rate on new undergraduate student loans has fallen from 4.53 percent to a record low of 2.75 percent. This means that the monthly payment on a $10,000 loan repaid over 10 years will fall from $103.78 per month to $95.41 per month. For graduate students, the interest rate has fallen from 6.08 percent to 4.3 percent, which will drop the monthly payments on the same $10,000 loan from $111.42 to $102.68.