U Administrator Talks Student Loans With Federal Rates In Limbo

Congress continues to look for a compromise that will avoid an interest rate hike for student loans on July first. Without action from Washington, interest rates will double to six point eight percent.  Julie Pier is Director of Financial aid at the University of South Dakota…

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Pier says if you already have a student loan, the rates on those will not jump…

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Pier says about sixty three hundred students at USD use the subsidized loans for part or all of their college costs. Nationally, about seven million students will be affected. Pier says the Stafford loans are still probably the best deal out there…

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She says Congress is debating only a one year extension for the rate cut, so without further action, the problem will return next summer.