Student loan interest rates going down

Congressman Pete Hoekstra, R-Holland, was at Grand Valley Wednesday to announce an opportunity for student borrowers to save money by consolidating their loans at the lowest interest rate in years.

Hoekstra said that, as of July, student loan rates will come down around 2 percent. Currently the interest rate on a student loan is around 6 percent; after the decrease, it will be around 4 percent, although the actual rate depends on the lender.

'This rate reduction will make a real difference for people working to repay student loans,' said Hoekstra, who chairs the House Select Education Subcommittee. 'I am pleased to be able to announce these new rates that will help make higher education more affordable for all families and students.'