OKLAHOMA CITY — The president has signed a bill to lower interest rates for student loans. Rates on new subsidized loans doubled on July 1st after congress could not agree on a way to keep them at the 3.4 percent rate.
The new measure will allow millions of students to have lower interest rates, saving the average undergraduate roughly $1,500 on interest this year.
As students prepare to head back, college costs are on the minds of many families.
Amy Welch, the Communications Director of the Oklahoma Society of Certified Public Accountants joins us in the KFOR TV studios.
She has information on how much do students, on the average, owe in student loans and the best practices for not allowing that debt to get too high.
Some of her suggestions are to examine the numbers, set limits and be creative, start saving early, and pay off the debt sooner rather than later.
To get quality advice on student loans consult your local CPA.