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May 21, 2003

Sally Stroup, Assistant Secretary for Postsecondary Education, explains why student loan costs are likely to go down in July.

Clip #1:   Listen (:18)   Download(2mb)

Transcript: Well, we expect on July 1 that interest rates are actually going to drop to the lowest they've ever been in the student loan programs. And of course, we don't know that for a fact, we have to wait until the final rates are calculated, but it does look like the current rates of 4.06 for student loans in repayment are going to drop to down around 3.5, maybe even lower than that.

Clip #2:   Listen (:18)   Download(1.9mb)

Transcript: We're actually holding applications for those students who want us to, so that if the rates do go down on July 1 they get the benefit of that lower rate for their consolidation loan which is then a fixed interest rate for the life of the loan. So for the next twenty years you may well be able to pay your student loans off at 3.5 percent.

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