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Tip of the Week

June 17, 2020

Helping borrowers know their interest rates

Interest rates may not be on student loan borrowers' minds too much right now - especially with the temporary implementation of zero percent interest on federally held student loans. However, borrowers will still want to consider the impact of interest - even though the new rates are at historic lows.

Borrowers might think interest rates are just a small part of financing an education. But we all know that interest rates have an impact on how quickly the student loan debt grows. Therefore it's important that borrowers be aware of their interest rates, especially as they move into repayment and manage their finances after college.

Mapping Your Future staff have updated the counseling sessions, interest rate chart, and the website to reflect the interest rate change on Direct Subsidized Loans and Direct PLUS Loans disbursed on or after July 1, 2020.

Updates were made to the following counseling sessions:

• Direct Loan entrance (English and Spanish)
• Direct Loan and Perkins combined entrance
• Direct PLUS entrance
• Direct Loan and Direct PLUS combined entrance

Updates also were completed on the Direct Loan and Stafford Loan interest rate chart and printable Student Loan Interest Rate chart covering Direct Loan, Direct PLUS, and Perkins Loan interest rates. The printable chart is available in the Member resources section of the secure Access Area.

Contact the Mapping Your Future staff with questions at feedback@mappingyourfuture.org or (800) 374-4072.

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Mapping Your Future^®, Inc.
P.O. Box 1017, Lake Dallas, TX 75065
(800) 374-4072