If you have been looking for a silver lining in these troubled economic waters, you may find it in student loan interest rates. Students who need extra funding for college can take advantage of changes in the law and improvements in the economy which mean student loans at among the best interest rates in the last five-year period. For the 2011-12 academic year, interest rates on new need-based federal Stafford student loans will drop by more than 20 percent.
“The good news for college students is that interest rates on several kinds of student loans are among the lowest in recent history," says Joe DePaulo, executive vice president, Sallie Mae. “Our 'How America Pays for College' national study confirms that students and parents alike value the investment in a college education and are willing to stretch themselves financially in order to make it happen."