On Tuesday, the Senate voted on the future of Stafford Loan interest rates. The rates for subsidized loans are currently at 3.4%, but without action from the government, will jump to 6.8% come July 1, 2012. A majority of 60 votes were needed to pass the bill which would lower these rates, unfortunately, the votes were split 52/45.

I'm pretty sure the title of this post just about says everything I need to say about the following video. Obama + Student loans + music + Jimmy Fallon = Magic.

In 2007, congress passed a bill, lowering these interest rates for the next few years. Unfortunately, this bill will expire after June 31, and rates will go from 3.4% to 6.8% once again. Congress is now looking for ways to keep this interest rate hike from happening, though nothing solid has happened as of yet.

April is financial literacy month and this blog kicks off our financial literacy blog series! In keeping with this spirit, I wanted to break down some common student loan terms so that students and parents can be better informed about the student loan choices they make.

With graduation right around the corner for many-a-senior, the thoughts that occupy the minds of future grads probably revolve more around finals and parties than around repaying their loans. While graduation is absolutely a time for celebrating accomplishments, it also means that loan repayment is looming. Start planning now so that when the time comes, you're ready and not scrambling to locate your loan paperwork. Here are five ways you can prepare for repayment right now:

The Department of Education has recently made improvements to the PSLF process. While the requirements remain the same, they are more clear, and there's a variety of new documentation to help get you through the application process.