Student loan rates on the rise

Created: 07/07/2014 6:43 AM WHEC.com

If you know a student starting college this fall, many of them will end up paying more to pay back their student loans.

At the start of the month, student loan rates rose from 4-percent to 4.5-percent. That translates to about $4 more a month for graduates over the course of 10 years.

A new federal law means that loan rates will continue to rise for new borrowers every July 1 with rates rising even higher for graduate students.

Right now, the average student leaves college $29,000 in debt after earning a bachelor's degree.

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