ODESSA- Congress has failed to reach an agreement on how to stop student loan rates from increasing. Starting Monday, interest rates jumped from 3.4 percent to 6.8 percent.
"56 percent of our students take out loans," UTPB Financial Aid Director, Joe Sanders, said.
When they graduate, they will end up paying more. Before July 1st, a $20,000 loan paid back over 10 years costs $197 a month. Now that loan will cost $230 a month.
Before July 1st, students would pay $11,000 back on a $10,000 loan. Now, students will have to pay $13,000.
With this increase, Sanders says it is more important than ever to monitor what you are borrowing.
"Only take out what you need," he said. "Take what you need to get your degree but don't take more than you have to."
The increase affects any loan taken on or after July 1st.
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