I guess im out of the loop but where did you hear there was going to be no interest rates? Our oldest has already started paying back some of the loans she had out and they are at about 7.9%. Prepare yourself when you stopped paying those loans they were at about 3%. Those rates have gone up on avg about 5%. You will be paying more back in interest that is for sure.

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Posted by Joshjrn

Baton Rouge

Member since Dec 2008

28457 posts

Posted on 8/2/23 at 8:58 pm to FLObserver

quote:
I guess im out of the loop but where did you hear there was going to be no interest rates? Our oldest has already started paying back some of the loans she had out and they are at about 7.9%. Prepare yourself when you stopped paying those loans they were at about 3%. Those rates have gone up on avg about 5%. You will be paying more back in interest that is for sure.

Federal loans haven't gone anywhere. They are set by statute.

Not that that's necessarily a good thing. Even when the benchmark rate was zero, my loans were still at about 7.5%

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Posted by Motownsix

Boise

Member since Oct 2022

2240 posts

Posted on 8/4/23 at 3:08 pm to FLObserver

quote:
I guess im out of the loop but where did you hear there was going to be no interest rates? Our oldest has already started paying back some of the loans she had out and they are at about 7.9%. Prepare yourself when you stopped paying those loans they were at about 3%. Those rates have gone up on avg about 5%. You will be paying more back in interest that is for sure.

Isn’t the interest accumulating over the time that passed? I would freak out about that.

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