Student loan rates going up...

tony55! · Jul 5, 2013

I have saved every extra penny I could this year, and if I go back to school (MSN) next year, I will have almost enough to pay for 2 semesters.

swansonplace · Jul 5, 2013

Makes me very concerned. Those rates are almost double mortgage rates. Does that mean we will be paying back our student loans for the next 30 years. What happens to those that already have a loan. Do existing loans also go up?

ArrowRN, BSN, RN · Jul 5, 2013

hopefully I can get an employer to help fit the bill once I graduate. I heard of some who were offered that option in the past...don't know if it still exists.

aachavez · Jul 5, 2013

existing loans wont have the interest rate hike, only loans taken out this year will. They may still be able to reverse this in August I think so they won't go up... tho I am not keeping my fingers crossed.

However some loans can be forgiven after 10 years.

SexyFloridaGirl · Jul 5, 2013

My employer helps assist with tuition if you are continuing education and working full-time no matter what type of degree you are seeking. I know full-time is the word that is terrible, but you could get quite a bit of assistance if you worked more hours (which to me is a sacrifice in itself). The fact that people even have to pay for higher education makes me livid. The only REAL option I see to this problem is stay in school LONGER (yes I really said longer) and continue on with your education to get a HIGHER PAYING degree. You may see this as not choosing your "dream" job, but even a dream job won't come compare to having a $700-1000 per month LOAN payment and trying to survive in this crazy world. This is what I particularly decided for myself. I said to myself "if I am going to borrow money like this, I am definitely making it worth my while" and so I am debating NP school or PA school once I finish my bachelors. Though, this is just one avenue..

mmcc26 · Jul 5, 2013

I think it's disgusting. I don't want to get super political here, but it's such a vicious cycle. There are no jobs for people without education, yet they make education impossible to afford... and the cycle continues. Unfortunately, I don't have other choices and Federal loans are still better than private ones when it comes down to it.

SE_BSN_RN, BSN · Jul 6, 2013

Makes me very concerned. Those rates are almost double mortgage rates. Does that mean we will be paying back our student loans for the next 30 years. What happens to those that already have a loan. Do existing loans also go up?

No, only loans taken out after July 1 of this year.