Cheaper student loans … for some
With a teenager set to graduate in three years, I’m paying a lot more attention to news about student loans these days. Kids from low-income families who start college this fall got some good news today, as four years of interest-rate cuts kicked in.
It’s questionable whether that last year of lower interest rates, which potentially covers Michaela’s freshman year, will benefit us at all; it only applies to need-based loans, and I fully expect our family to fall into the sizable gap between ‘eligible for need-based financial aid’ and ‘actually able to afford college’. But we shall see.
The San Francisco Chronicle has a comprehensive article on the changes, if you want to learn more.