UT students relieved by new student loan bill - News, Weather, Sports, Toledo, OH

UT students relieved by new student loan bill

Image source: MGN Online Image source: MGN Online
TOLEDO, OH (Toledo News Now) -

Classes start Monday for University of Toledo students. That means this week is move-in week.

And students there are breathing a sigh of relief now that the student loan crisis has been averted. President Obama signed a bill Friday that lowered student loan interest rates to 3.9 percent. The rate had doubled on July 1, to 6.8 percent.

The reduction will save the average student $1,500 in interest charges. Freshmen meeting at a barbecue at UT Tuesday said they felt relieved.

"I'm still trying to pay this off, but I'm happy it's not double, so I don't have a lot to worry about," said Imari Dixon.

"It definitely helps out a lot, because I can't pay for it myself like that," added Hannah Grow. "Plus, I'm going to med school after that, so I don't really want to rack them up too high."

The new bill also allows graduate students to borrow at a 5.4 percent interest rate.

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