Interest rates for subsidized student loans have increased.
The deadline for Congress to make a long-term decision that would prevent interest rates from increasing from 3.4 percent to 6.8 percent has passed.
Financial advisors want to remind students they have more options to fund their education, but it all starts with filing their FAFSA, which will tell them if they're eligible for any grants and scholarships. They also recommend talking to their guidance counselor and finding any other scholarships that would apply in their major.
"There is also a payment plan which allows the student to break up the payment into four monthly payments, breaking it into quarters so that it might be something that they can take care of right through their weekly checks," said Michael Rotundo of NMU.
On July 20, the Senate will vote on extending the current rate of 3.4 percent for another year.