Student Loans to Cost More in the Fall

By Joe Gullo

Published 05/07 2014 04:00PM

Updated 05/07 2014 04:07PM

WASHINGTON - College freshmen taking out government student loans will pay a heftier price this fall.

Interest rates could be nearly a percent point higher than in previous years.

Under this rate, seniors with one year of school left could pay an additional $260 in interest over a 10 year period.

Analysts say freshmen, with at least four years of college ahead of them, could pay more than a thousand dollars of interest over the life of their loans.

The government student loan interest rate will be set Wednesday, based on a government bond auction.

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