U.S. Credit Rating impact on student loans?

[uRabbit]

On Friday, I was approved for $5,500/yr in PELL grants, and $9,500/yr in Federal Stafford loans. Those together would be enough to pay for college that I plan to attend. However, that was before the crash of 360 points.

Will the crash have any effect on undergraduate loans?

Also, I never heard the final plan that Obama and the Boys came up with. Link?

[Frugal]

I would think that eventually they might affect interest rates on student loans. Not sure if it would be right away.

[uRabbit]

I read an article on CNN concerning graduate loans. Apparently, the government will stop paying the interest on grad loans after July 1, 2012. This is what sparked my question.

However, I will be going through a BS program and will only have ~$8,000 in loans.

[creditcardfree]

Interest rates on these loans do fluctuate from year to year. If memory serves, I think you are locked in to the rate at the time you take out the loans. So this years loan, may have a different rate than the year following. I'd check with your lender for specific information.

There is a tax credit for the first $2000 in college expenses. Make sure you claim it when you file your taxes. There is some information on the irs website.