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

UT students relieved by new student loan bill

Posted: Updated:
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.

Mobile users, click on the "Video" button in the app to watch this story. Download our app here.

Copyright 2013 Toledo News Now. All rights reserved.

Back to school sidebar

Click here for education stories, videos, photos and more

  • UT students relieved by new student loan billMore>>