Money Matters: Navigating the increase in student loan interest
Borrowing money to pay for college is about to get more expensive as interest rates on federal student loans are set to increase. Barry Bigelow joined Good Morning Northland to discuss how you can better prepare for those changes.
Borrowing money to pay for college is about to get more expensive. Interest rates on federal student loans will increase to 6.53%, up from 5.5% last year.
While a 1-2% increase may not sound like much, rising interest rates increase the total cost of college. Barry Bigelow from Great Waters Financial joined Good Morning Northland to share what this means for borrowers and what you need to know before taking out student loans.