How to Prepare for Dramatically Higher Federal Student Loan Interest Rates

son with parents

June 18, 2024 – In article for U.S. News & World Report about how federal student loan interest rates reach their highest numbers in years and what borrowers can do how to cope, Shannon Vasconcelos, senior director of education finance at Bright Horizons College Coach, shares advice on the topic. 

Some schools allow students to pay their tuition in monthly installments rather than in full at the beginning of each semester. Spreading out the cost can make it easier to pay out of pocket in smaller amounts and limit borrowing. “These payment plans are often not well advertised, and families aren't always aware of the option,” says Shannon Vasconcelos, senior director of education finance at Bright Horizons College Coach. Schools typically charge a sign-up fee, often around $100, but the monthly payments rarely have interest attached, experts say.

Read the full article here.