Tag Archives: Interest rate

$1,500


By  CAP Action War Room

Compromise Set to Lower Student Loan Interest Rates

Student loan rates for undergraduates doubled on July 1 from 3.4 percent to 6.8 percent, threatening to further increase college costs for millions of already-strained students.

Fortunately, a bipartisan deal has emerged in the Senate that looks set to lower interest rates before students head back to campus.  Here are the main elements of this compromise:

  • It immediately and significantly lowers interest rates, giving students the certainty they need to make borrowing decisions.
  • It ties student loan interest rates to the market, allowing students to immediately take advantage of today’s low rates.
  • It caps overall rates to help protect students from interest rate increases in the years to come.
  • It sets the interest rate at a fixed rate for the entire life of the loan in contrast to a GOP proposal that would’ve allowed the rate to change every single year the loan remained outstanding.

You can find out more details about this plan and why it matters HERE.

This can all be a little confusing, but the immediate impact is pretty simple. Here’s what will happen as soon as this compromise becomes law:

BOTTOM LINE: 11 MILLION students will save an average of $1,500 as a result of the student loan compromise the Senate is going to vote on tomorrow. Young people need Congress to act right away to pass this deal.

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Must see Whitehouse Vids …


President Obama discusses legislation he signed on Friday that does two important things: It keeps thousands of construction workers on the job rebuilding our crumbling infrastructure, and it stops interest rates on federal loans from doubling this year for more than seven million students.More

On July 6th 2012, President Obama signed a bill that will keep interest rates on federal student loans from doubling. More than seven million students would have had to pay another thousand dollars a year had Congress failed to act. Your voices made all the difference.More

President Obama signs legislation that will keep thousands of construction workers on the job rebuilding American infrastructure and stop interest rates on federal loans from doubling this year for more than seven million students. July 6, 2012.More

Bankrate.com


 Credit card rate cut request hurts score?
Asking for a rate reduction on a credit card might lower a credit score. Find out when it does.
 
5 tips on safely selling your gift cards
You don’t have to dump gift cards you can’t use. Some websites will pay for your plastic.
 
Is it smart to transfer a credit card balance?
Moving a large credit card balance to a low-interest card might sound good — but is it?
 
Video: Cut debt with balance transfer
Can a zero percent balance transfer credit card help cut high-interest debt?
 
Prepaid student ID cards making the grade?
A hybrid payment product lets student IDs double as prepaid cards. Here’s what to know.
 
Video: Interest rate predictions in 2012
Interest rates hit rock bottom in 2011. Where are they headed in 2012?

Bankrate.com


Here are stories published today

  5 financial blunders and how to fix them | 2011-03-31

It’s easy to make mistakes but hard to recognize them. Take these steps to recover. http://www.bankrate.com/finance/investing/5-bad-financial-decisions-and-how-to-recover-1.aspx?ec_id=brmint_newsalert_20110331

CD rates for March 31, 2011 | 2011-03-31

Here are the average CD rates from Bankrate‘s weekly survey of large banks and thrifts. http://www.bankrate.com/finance/cd/national-cd-rates-for-march-31-2011.aspx?ec_id=brmint_newsalert_20110331

National mortgage rates for March 31, 2011 | 2011-03-31

See rates from our survey of CDs, mortgages, home equity products, auto loans and credit cards.  http://www.bankrate.com/finance/mortgages/interest-rate-roundup-for-march-31-2011.aspx?ec_id=brmint_newsalert_20110331

Home equity loan rates for March 31, 2011 | 2011-03-31

Here are the average home equity rates from Bankrate’s weekly survey of large banks and thrifts. http://www.bankrate.com/finance/home-equity/national-home-equity-loan-rates-for-march-31-2011.aspx?ec_id=brmint_newsalert_20110331

Auto loan rates for March 31, 2011 | 2011-03-31

Here are the average auto loan rates from Bankrate’s weekly survey of large banks and thrifts. http://www.bankrate.com/finance/auto/national-auto-loan-rates-for-march-31-2011.aspx?ec_id=brmint_newsalert_20110331

The pros and cons of travel rewards cards | 2011-03-31

Some credit cards offer travel rewards points. Ponder these options before settling on one. http://www.bankrate.com/finance/smart-spending/the-pros-and-cons-of-travel-rewards-cards-1.aspx?ec_id=brmint_newsalert_20110331

Rule could make mortgages harder to get | 2011-03-31

If you think lending standards are tough now, check out what regulators want to do. http://www.bankrate.com/finance/mortgages/rule-could-make-mortgages-harder-to-get.aspx?ec_id=brmint_newsalert_20110331

  Credit card interest rates for March 31, 2011 | 2011-03-31 Here are the average credit card rates from Bankrate’s weekly survey of large banks and thrifts. http://www.bankrate.com/finance/credit-cards/national-credit-card-rates-for-march-31-2011.aspx?ec_id=brmint_newsalert_20110331

Bankrate.com


Here are stories published today.

 Mobile payments by smartphone still dicey | 2011-03-23

Firms are rolling out apps to pay by smartphone, but some may be unreliable.

http://www.bankrate.com/finance/personal-finance/mobile-payments-by-smart-phone-still-dicey.aspx?ec_id=brmint_newsalert_20110323