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Chris Kaye reportingThe high cost of higher education is about to get even higher. Student loan rates are going up at the end of this week.
Utah Higher Education Assistance Authority spokesperson Amanda Covington says time is running out to lock in a low rate.
Amanda Covington: "The current loan rate is 5.3 and it's going up to 7.14. It seems like just a few percentage points, but anyone who has calculated interest on a loan, that makes a huge difference."
Covington says even students who have been out of school for a while should consolidate now.
Amanda Covington: "For students who have a twenty thousand dollar loan on a twenty year payoff, that's a five thousand dollar savings."
U.H.E.A.A. says the average cost in loans for a four-year degree in Utah is about $14,000, and half of all students borrow to pay for school.
