I got a letter over the weekend from the U.S. Department of Education announcing that the new interest rate on my student loans rose from 3.5 to more than 5 percent. I called this morning to find out if there is any way I can save some money now that I am about to become a full time graduate student. The rep informed me that the status has already been changed to "in school." This means no payments and no interest will accumulate over the next two years.
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