WEST HARTFORD NEWS: State agency lowers student loan interest rate

Career College Central Summary:

  • College students and their parents will be able to take advantage of long-term savings as the state’s supplemental education loan agency has dropped its interest rate almost two percentage points to the lowest rate in its 33-year history.
  • Loans through the Connecticut Higher Education Supplemental Loan Authority are available to students who need additional aid in financing a portion of their education after they have exhausted other resources, including federal student aid. Parents or other family members commonly sign as co-borrowers.
  • The 4.95 percent fixed-rate loan in effect for the 2015-16 school year is down from the current 6.75 percent rate. A similar program at the federal level carries an interest rate of 6.84 percent.
  • Higher Education and Employment Advancement Committee Chairwoman and state Rep. Roberta Willis, D-Salisbury, called the rate cut “significant” and said it’s not just about affordability and access to education for all, but also about the state’s financial future.
  • She cited a 2013 study from the Georgetown University Center on Education and the Workforce that projected 70 percent of all Connecticut jobs will require a post-secondary education by 2020.
  • That’s higher than the national rate of 65 percent, according to the study. It also found the highest proportion of bachelor’s and graduate degree jobs would be concentrated in the northeast.

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WEST HARTFORD NEWS

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