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.

Click through to read the full article.


Leave a Reply

Be the First to Comment!

Notify of