On July 31st the U.S. House of Representatives approved a measure that links interest rates for federal student loans to the yield on 10-year Treasury notes. This is a welcome turnabout for current undergraduates who will now pay 3.86 percent annually instead of the 6.8 percent that would have prevailed otherwise. That said, rates for future borrowers will fluctuate with the market and financial experts agree that rates will climb, likely up to the 8.25 percent cap set by Congress. We found two free resources, Student Loan Hero and Tuition.io (beta), that let borrowers track and manage their loans. Federal and private loans can be added to users’ profiles and bank accounts can be synced to give the programs access to payment due dates and to keep information current. Both services include a dashboard that displays all users’ loans in one place and lets them see the potential effect of different payment choices, such as paying an extra $50 a month or making only minimum payments. Users can also view their lifetime payment totals and lifetime interest payments, and access informative guides about loans and loan repayment options.
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