Event Looks to Help Avoid 'Crippling' Loans

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Wood says the goal is to allow students who graduate college become active members of Indiana's economy. Wood says the goal is to allow students who graduate college become active members of Indiana's economy.
CARMEL -

Federal student loan interest rates are set to increase next week, and an Indiana nonprofit is looking to help students navigate the loan process. InvestEd Chief Executive Officer Joe Wood says rates for undergraduates will increase from 3.76 percent to 4.45 percent, resulting in average payments of about $10 more per month, or $1,100 over the life of a typical loan. Wood says the organization's two-day "call-in" event today and tomorrow aims to help students get through college without financially "crippling themselves."

Wood says the goal is to allow students who graduate college become active participants in Indiana's economy.Those looking to connect with InvestEd can call 317-715-9007.

The higher rates go into effect Saturday. Graduate student interest for unsubsidized loans will increase from 5.31 percent to 6 percent. PLUS loans, which are available to graduate students and parents of undergraduate students, increases from 6.31 percent to 7 percent.

InvestEd, which has been in business for more than 35 years, says it helped more than 6,000 students last year. This year, the organization says it has material in more than 100 high schools throughout the state, reaching more than 20,000 high school students.

Wood recently wrote a Perspectives article for Inside INdiana Business about tackling student loan debt.

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