How do interest rates affect student loans?

How do interest rates affect student loans?

When should I consolidate my student loans?

When should I consolidate my student loans?

Are all student loans eligible for consolidation?

Are all student loans eligible for consolidation?

How do I go about consolidating my student loan?

How do I go about consolidating my student loan?

After I have submitted my consolidation application do I continue to pay my current loans?

After I have submitted my consolidation application do I continue to pay my current loans?

Are there any other cases in which my student loan can be discharged?

Are there any other cases in which my student loan can be discharged?

Will I be responsible for my student loan if I become disabled?

Will I be responsible for my student loan if I become disabled?

How will declaring bankruptcy affect my eligibility for future student loans?

How will declaring bankruptcy affect my eligibility for future student loans?

Can student loans be dismissed through bankruptcy?

Can student loans be dismissed through bankruptcy?

What should I do if I have defaulted on a student loan?

What should I do if I have defaulted on a student loan?

What happens if I do not pay back my student loans?

What happens if I do not pay back my student loans?

What if I am having trouble paying back my student loan?

What if I am having trouble paying back my student loan?

How do I qualify for public service loan forgiveness?

How do I qualify for public service loan forgiveness?

What is student loan forgiveness?

What is student loan forgiveness?

After I have submitted my consolidation application do I continue to pay my current loans?

After I have submitted my consolidation application do I continue to pay my current loans?

How do I go about consolidating my student loan?

How do I go about consolidating my student loan?

Are all student loans eligible for consolidation?

Are all student loans eligible for consolidation?

When should I consolidate my student loans?

When should I consolidate my student loans?

How do interest rates affect student loans?

How do interest rates affect student loans?

How do I know if I qualify for borrower benefits?

How do I know if I qualify for borrower benefits?

What are student loan borrower benefits?

What are student loan borrower benefits?

How do I find out what company holds my student loans?

How do I find out what company holds my student loans?

What is the difference between a deferment and forbearance for student loans?

What is the difference between a deferment and forbearance for student loans?

Do student loans affect my credit?

Do student loans affect my credit?

Can I pay my student loan back early without penalty?

Can I pay my student loan back early without penalty?

Do I have to pay the full amount due on my student loan each month?

Do I have to pay the full amount due on my student loan each month?

How long do I have to repay my student loan?

How long do I have to repay my student loan?

When should I start repaying my student loan?

When should I start repaying my student loan?

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How to Repay Your Student Loans

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Justin Draeger

Spokesperson, National Association of Student Financial Aid Administrators

www.nasfaa.org  

Justin Draeger is Assistant Director for Communications with the National Association of Student Financial Aid Administrators (NASFAA). Prior to joining NASFAA, Justin worked as the lead analyst for the Michigan Guaranty Agency. Justin began his career in student aid 10 years ago working as the financial aid administrator for the Douglas J Aveda Institute in East Lansing, Michigan. Justin earned a Bachelor’s of Science Degree in Resource Management from Brigham Young University and his MBA in Finance from Baker College. He has presented at several conferences in both the financial aid and business management fields and continues to publish nationally. Justin has been tapped for his expertise on student financing by CNBC, Fox Business News, The New York Times, Wall Street Journal, Boston Globe, Kiplinger, Business Week, National Public Radio, and more.

How do interest rates affect student loans?

Justin Draeger with the National Association of Student Financial Aid Administrators explains how interest rates affect student loans.

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Justin Draeger: Hi, my name is Justin Draeger, I am a spokesperson for The National Association of Student Financial Aid Administrators. Today I am going to be talking to you about student loan consolidation.

Host: How do interest rates affect student loans?

Justin Draeger: After July 1, 2006, Federal Stafford Loans are the most common forms of Federal Student Loans, now have a fixed interest rate. But before that if you have loans priors to July 1, 2006, you probably have a variable interest rate that changes annually based on T-bills that are auctioned off by the government. Having an interest rate that is going up or down will affect how much you pay and how much you ultimately owe. Rising interest rates means that your monthly payment will go up and in the end you will pay more for your loan, interest rates that are going down means that you will be paying less monthly and then also at the end of the year, you will pay less in interest rates.

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