Student Loan & Consolidation Programs Good and Bad
The new state of the student loan and student loan consolidation program industry is both good and bad depending on where you are. Check this one out to see what's going on and how the new bill is effecting the industry.
Bottom Line: If you are an undergraduate who qualifies for federally subsidized student loans or student loan consolidation programs then you are better off now than before the recent bill passed. Most other students won't get any help at all and in fact they are already starting to see perks disappear.
Unsubsidized undergraduate loans remain at 6.8% while the loans parents take out under the PLUS program hold at 8.5%. The biggest lenders are already eliminating interest rate cuts and discounts.
Some states are passing laws to regulate the amount an undergraduate spends on books and attempting to eliminate the bundling of media and study guides with textbooks to again lower the total cost. Unfortunately these small things won't do a lot of good although they do help some.
The student loan industry is changing and we are starting to see some of the negative aspects of the new student loan bill that I have been harping on for months. I'll say it again, the bill is better than nothing but we do not have to take away from middle class students to increase need-based assistance. There is a better way.
